Chow Tai Fook regains strength in Macau, Hong Kong and China

During the Second Quarter, both Mainland China and Hong Kong and Macau continued with an encouraging positive same store sales growth (SSSG) trend. SSSG of the Mainland was 23.0% in the Quarter supported by a steady consumer sentiment. In Hong Kong and Macau, business continued to improve with a robust SSSG of 57.7%, thanks to a solid local consumer demand and a low comparison base.

Hong Kong’s SSSG was 35.1% in the Quarter whereas Macau’s SSSG was 232.5%, driven by tourist spending as border reopened. — In the Mainland, SSS of gem-set, platinum and k-gold jewellery category was down by 8.0% due to the effect of comparison base, yet its RSV increased 8.7% during the Quarter, thanks to a healthy contribution from new openings.

Same store sales (SSS) of gem-set, platinum and k-gold jewellery category in Hong Kong and Macau has sustained a positive growth since 3QFY2021 and delivered a growth of 15.4% during the Quarter. Same store Average Selling Price (“ASP”) trend was favourable in both markets during the Quarter. In the Mainland, same store ASP of gem-set jewellery was HK$7,400 (2QFY2021: HK$7,300) while that of Hong Kong and Macau increased to HK$14,000 (2QFY2021: HK$13,600).

Gold jewellery and products category includes those selling by weight and at fixed price. In the Mainland, retail demand in gold jewellery and products remained resilient, driving SSS of the product category to a growth of 48.9% during the Quarter. Its ASP stayed at HK$5,400 (2QFY2021: HK$5,400). In Hong Kong and Macau, ASP improved to HK$6,700 (2QFY2021: HK$6,200). The average international gold price in the Quarter was 6.2% lower when compared to the same period last year.