Changing patterns hurt jeweler

Staff reporter

Chow Tai Fook Jewellery's (1929) retail sales value dropped over 14.2 percent year-on-year for the three months ended December.

Retail sales in the mainland fell 13 percent while sales in Hong Kong, Macau and other markets fell 20.4 percent.

Same-store sales in the mainland fell 16.1 percent and other markets fell 21.3 percent.

Same-store sales of gem-sets, platinum and K-gold jewelry in the mainland fell 20.3 percent, but rose 33.7 percent in Hong Kong and Macau.

The average selling price of same-store gem-set jewelry increased to HK$10,100 in the mainland, but remained steady at HK$17,500 in Hong Kong and Macau.

Same-store sales of gold jewelry in the mainland fell 15.3 percent, and 36.2 percent in the two SARs.

Chow Tai Fook said that external macroeconomic factors and high gold prices continued to affect consumer sentiment.

In the mainland, same-store sales of self-operated stores and franchised stores fell by 16.1 percent and 12.3 percent year-on-year respectively during the quarter.

The markets in Hong Kong and Macau continued to be weighed by outbound travel and the change in spending patterns and preferences among tourists.