Chow Tai Fook Jewellery Group Ltd reported a 1.9-percent year-on-year decline in retail sales value for the quarter ended 30 June 2025, according to an unaudited exchange filing. The dip was attributed to a persistent slowdown in mainland China, where sales fell 3.3 percent, offsetting a 7.8-percent rise in Hong Kong, Macau, and other markets.
Mainland China, contributing 86.4 percent of total sales, continued to weigh on performance, though the decline showed signs of easing compared to previous quarters. Same-store sales in self-operated mainland stores narrowed to -3.3 percent, while franchise stores recorded flat growth. In contrast, Hong Kong and Macau saw same-store sales rise 2.2 percent, with Macau surging 9.5 percent amidst recovering tourism.
The group’s strategic retail network optimisation continued, with a net closure of 311 underperforming stores in mainland China and a net opening of one outlet in Hong Kong and Macau. As of June 2025, the total store count stood at 6,337, down 16 percent from March 2024.
E-commerce sales in mainland China grew 27 percent, accounting for 7.6 percent of revenue, signalling resilience in digital channels. The company highlighted improved profitability, driven by fixed-price product sales and lower comparables. Average selling prices for gold jewellery rose to HK$6,900 (mainland) and HK$10,400 (Hong Kong/ Macau), reflecting stronger product mix efficiency. (Photo courtesy: CTF)
04-08-2025
← Back