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Tag: T Mark

  • Chow Tai Fook sales rises

    Chow Tai Fook sales rises

    Chow Tai Fook sales soared 25 per cent in Hong Kong and Macau in the September quarter.  On the mainland, sales rose by a solid 15 per cent. Same-store sales rose 23 per cent in Hong Kong and Macau and by 6 per cent on the mainland, according to a stock exchange filing by the company.

    But same-store volume growth told a different story: down 2 per cent in Hong Kong and Macau and up 1 per cent on the mainland, reflecting weaker gold prices which correspondingly drove more customers into stores.

    Chow Tai Fook’s sales of gold products grew by 41 per cent in Hong Kong and Macau and by 11 per cent in Mainland China

    Chairman, Dr Henry Kar-Shun, described the Hong Kong and Macau market growth as “impressive” during the quarter, “benefitting from buoyant consumer spending and resilient mainland visitation”.

    He said the same-store sales performance of gold products in both markets was driven by the increase in weight per piece sold. The company’s same-store average sale value on the mainland was HK$4000 compared to $3600 in the preceding quarter, while in Hong Kong and Macau, it rose from $7100 to $8500.

    The average international gold price declined by 5 per cent year on year during the quarter to September 30.

    Chow Tai Fook opened a net 162 points of sale in Mainland China during the quarter, which

    included 158 new Chow Tai Fook Jewellery spaces, three SoInLove spaces and one Chow Tai Fook T Mark space.

    In Hong Kong, Macau and other markets, the group opened one Hearts On Fire space and closed two CTF Watch stores in Hong Kong, and opened one Chow Tai Fook Jewellery space in South Korea. As at September 30 the company had 2822 points of sale globally.

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  • Chow Tai Fook remains calm in the storm

    Chow Tai Fook remains calm in the storm

    A 23.5 per cent drop in revenue to HK$21.526 billion (US$2.775 billion) was recorded by Chow Tai Fook Jewellery Group for its latest six months.

    Its interim results for the period to September 30 show same-store sales in Hong Kong/Macau dropped by 25.7 per cent and in China by 20.9 per cent.

    Gross profit was down by 13.1 per cent to HK$6828 million from HK$7857 million in the first quarter.

    In its executive summary, the group says that in response to the rapid market changes and volatile macroeconomic environment across Greater China during the first half, it focussed on enhancing store productivity and efficiency.

    The group also capitalised on its vertically integrated business model and proprietary technology to introduce the Chow Tai Fook T Mark diamond brand in the first half, which it describes as “an important milestone in our heritage” that “revolutionised the current diamond-industry practice”.

    Despite revenue declining with the market slowdown in the first half, the group’s adjusted gross profit margin improved, mainly because of an enhanced product mix and an uplift in gross profit margin for gem-set jewellery and gold products.

    As at the end of September the group’s retail network comprised 2326 points of sales, and increase of seven. During the first half, 26 points of sale were opened in shopping malls while 19 were closed in department stores on the mainland.

    Also in the mainland the group promoted its premium diamond brand Hearts On Fire, opening two points of sale and 30 shop-in-shop/counter-in-shop outlets for a total of seven POS and 148 shop-in-shop/counter-in-shop.

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