Chow Tai Fook, the Hong Kong-based jeweller, experienced a robust surge in retail sales during the third fiscal quarter, fuelled by the revival of visitors from China. The company reported an impressive 46% year-on-year sales growth for the three months ending December 31, attributing the uptick to increased tourist activity since the reopening of the Hong Kong-China border in early 2023.
Notably, the surge in sales was buoyed by strong pre-festive season purchasing, particularly of gold, and the success of a new diamond campaign and collection launch. Retail sales saw a substantial 42% increase on the mainland, constituting approximately 84% of total proceeds, while sales in Hong Kong, Macau, and other markets surged by an impressive 71%. Same-store sales, focusing on branches open for at least a year, demonstrated a notable 23% climb in China and a remarkable 67% spike in Hong Kong and Macau.
Gold products witnessed a surge of 33% in same-store sales on the mainland, while in Hong Kong and Macau, gold jewellery sales soared by an impressive 104%, accompanied by a 4.3% increase in gem-set jewellery sales.