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Retail sales at Hong Kong-based jeweler Chow Tai Fook rose in the third fiscal quarter, as consumer sentiment toward jewelry spending continued to recover.
Sales at the company increased 18% year on year for the three months that ended December 31, it said Wednesday. Sales momentum strengthened across the mainland and Hong Kong and Macau during the period.
“During the quarter, we continued to make steady progress in our brand transformation and remained focused on enriching our signature collections,” the company commented. “We introduced new additions to the CTF Rouge collection to reinforce the collection’s momentum and appeal.”
Retail sales rose 17% in China, which accounts for around 85% of total proceeds, while sales in Hong Kong, Macau and other markets improved 23%.
Same-store sales on the mainland climbed 21%, as Hong Kong and Macau witnessed a 14% rise. Same-store sales of weight-based gold products grew 13% in China, with fixed-price jewelry spiking 53%. In Hong Kong and Macau, sales of weight-based gold products increased 43% and fixed-price jewelry dropped 15%.
During the period, Chow Tai Fook closed a net 228 stores, primarily on the mainland. It also recently opened its first store in Bangkok, Thailand. The company currently operates 5,813 points of sale.
Image: A Chow Tai Fook store in Hong Kong. (Shutterstock)
