Sales on up for jewelry groupBusiness | Samantha Wong 17 Apr 2018
Same-store sales grew 17 percent for Chow Tai Fook Jewellery (1929) in Hong Kong and Macau in the fourth quarter compared with 12 months earlier while the mainland market grew 7 percent.
The Hong Kong-based conglomerate said volume and average selling prices (of gem-set jewelry) at same-store levels in Hong Kong-Macau increased during the quarter, volumes showed double-digit percentage growth, and average selling prices rose to HK$13,000 from HK$12,400.
In the mainland, same-store sales growth of gem-set jewelry declined 8 percent, but the average selling price went from HK$6,500 to HK$7,100.
As of March 31, Chow Tai Fook had 2,585 points of sale in Hong Kong-Macau, the mainland, Japan, Malaysia, Singapore, South Korea, Taiwan and the United States. It closed one shop in the United States.
There were also 17 openings in the mainland, two in South Korea, one in Hong Kong-Macau and one in Taiwan.
Same-store sales of gold products were driven by increases in volume and average selling prices. That came with an increases in gold prices and in the average weight of products sold. The average international gold price over the quarter rose by 9 percent compared to the corresponding period the previous year. And the average gold price in same-store sales was HK$7,900 in Hong Kong-Macau and HK$4,400 in the mainland during the quarter.