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Chow Tai Fook Performance Picks Up in Q3 FY 2016-17

Jan 11, 2017

Chow Tai Fook Jewellery Group Ltd releasing its unaudited key operational data for the three months ended December 31, 2016 (Q3 FY 2016-17) indicated that its performance by Retail Sales Value (RSV) had improved “sequentially” for both Mainland China and Hong Kong and Macau markets in the period.

“The improving trend in the Group’s RSV performance during the Quarter, as well as the performance of holiday sales, is generally in line with the expectation of the Group,” the Company stated.

Mainland China’s growth, particularly, seems to be stable, recording a 7% increase y-o-y; however, Hong Kong and Macau RSV fell 6% y-o-y.

Analysing the RSV by product category one finds that in Mainland China gemset jewellery had a 24% share, gold products a 60% share, platinum/karat gold products an 11% share and watches a 5% share; while in the Hong Kong and Macau market gemset jewellery accounted for 26%, gold products for 58%, platinum/karat gold products for 10% and watches for a 6% share.

The Same Store Sales (SSS) figures too reflected a similar trend: a rise of 4% for Mainland China but a drop of 2% for Hong Kong and Macau.

The Same Store Sales Volume performance for both territories was similar – a 9% decrease in both areas.

However the Company said that the Average Selling Price (ASP) increased during the Quarter. “In particular, ASP of gold products increased as the average international gold price rose 10% during the Third Quarter compared to the same period last year,” Chow Tai Fook said.

Taken by product, gemset jewellery saw a fall of 4% in Mainland China while recording an increase of as much as 17% in Hong Kong and Macau on a y-o-y basis.

The Company also released data for RSV of the e-commerce business, which, it said, “in Mainland China grew by 25% and contributed 4% and 12% of RSV and retail sales volume, respectively in Mainland China in the Third Quarter”.

Pic Cap: Chow Tai Fook store
Courtesy: Chow Tai Fook

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