Jeweler Chow Tai Fook has reported positive retail sales growth in the fiscal fourth quarter after “a long run of declines”, according to Rough & Polished.
Retail sales in mainland China increased 16%, with same-store sales rising 12% during the three months that ended March 31. Overall retail sales in Hong Kong and Macau grew 1%, and same-store sales rose 4%.
Chow Tai Fook’s sales of gold products were up 17% in mainland China and 19% in Hong Kong and Macau. Gem-set jewellery sales rose 5% in mainland China “but fell 17% in the municipalities due to a decline in the average selling price”, according to the report.
