Hong Kong-based jewelry chain Chow Tai Fook (CTF) reported a sales recovery across all 6,000 of its stores over the past three months.
China's largest jewelry retailer by store count said its quarterly results, which ended September 30, marked a "major turning point" for its overall business. After five quarters with average declines of over 18%, retail sales for the quarter grew 4.1%.
The company said the sales recovery was driven by increased retail sales at its 151 CTF stores outside mainland China, primarily in Hong Kong and Macau, where sales grew 11.4%. Sales at the company's 5,663 stores in mainland China grew a more modest 3.0%. Overall, CTF benefited from the rapid rise in gold prices, which led to a significant increase in the average selling price of gold jewelry and gold jewelry. The company also reported that its signature collections maintained strong sales momentum, and Chow Tai Fook continued to make steady progress in its brand transformation.
During the quarter, 300 underperforming stores were closed.
"Our current priorities on retail network management remain unchanged, which are to sustain market leadership and enhance the overall financial health of our retail network by maximising store productivity," the company noted.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
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