Turning Point, Finally, for Chow Tai Fook
October 23, 25
(IDEX Online) - Chow Tai Fook (CTF) says sales across its 6,000 outlets rebounded in the three months to 30 September as gold price surged, following on from five consecutive quarters of decline.
China's biggest jewelry retailer (by store count) said the Q2 2026 results "marked a significant turning point of our business".
Growth in retail sales value (RSV) for the quarter was 4.1 per cent, after five quarters with an average decline of over 18 per cent.
The recovery was driven by CTF's 151 non-Mainland stores, most of them in Hong Kong and Macau, which reported an RSV growth of 11.4 per cent.
Sales at its 5,663 stores in Mainland China rose by a more modest 3.0 per cent.
Overall CTF benefited from soaring gold prices, which saw a significant increase in the average selling price of gold jewlery and gold products sold by weight and at fixed prices.
In its Unaudited Key Operational Data, the Hong Kong-based company said its signature collections had sustained strong sales momentum, and it had continued to make steady progress in its brand transformation.
During the quarter, CTF closed 300 under-performing stores.
"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 said.