Chow Tai Fook reported that its mobility and retail activity continued to improve in the Mainland China, Hong Kong and Macau during Q2 FY2024. The group's retail sales value registered positive growth of 5.8% during the quarter, driven by Hong Kong, Macau and other markets. Sales in the Mainland China were stable with a slight increase of 0.6%, despite a higher base last year.
According to the Hong Kong Tourism Board, the influx of Mainland tourists has been supportive to the business in Hong Kong, Macau and other markets, with retail sales rising 54.1% during the quarter, reaching approximately 77% of the corresponding FY2019 levels.
On same store sales basis, Hong Kong and Macau registered an increase of 55.7% during the quarter. The same store sales grew by 43.0% and 116.7% for Hong Kong and Macau respectively, while in the Mainland they dropped by 12.5% year-on-year during the quarter due to the high base of comparison.
Despite current market conditions, the Mainland market has seen solid recovery in mobility and retail activity during festive and holiday periods. Meanwhile, the group continued to observe resilient jewellery consumption in the Mainland during Qixi and National Day holiday. Sales were in-line with management's expectations.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
