Dip in Sales for China's Biggest Jeweler
July 24, 25
(IDEX Online) - Chow Tai Fook (CTF), China's biggest jewelry retailer, reported a 1.9 per cent drop in year-on-year sales for the three months to 30 June.
Gains in retail sales value (RSV) for its peripheral markets - Hong Kong, Macau and elsewhere (+7.8 per cent) - were outweighed by Mainland China losses of 3.3 per cent. Over 86 per cent of its revenue comes from Mainland China.
CTF said in an unaudited quarterly update that it had closed 311 outlets during the quarter (Q1 2026) and that the total number of outlets now stands at 6,337, down 16 per cent from the end of March 2024.
"During the First Quarter, SSSG (Same Store Sales Growth) in our key markets recorded a sequential improvement trend compared to previous quarters," CTF said.
"This was supported by the sustained sales momentum of our fixed-price products as well as the relatively lower comparables."
The 1.9 per cent fall in sales was a significant improvement on the previous quarter, when RSV dipped by 11.6 per cent.
During the latest quarter, e-commerce RSV on Mainland China grew by 27 per cent, accounting for 7.6 per cent of all revenue.
CTF said: "With a clear emphasis to drive earnings quality and ensure margin resilience, 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."