HONG KONG — Same-store sales growth at Chow Tai Fook Jewellery Group dipped 3 percent in the quarter to September with Mainland Chinese sales growth failing to fully offset the downturn in Hong Kong and Macau markets.
The Chinese jeweler, the largest in the world, posted unaudited sales data for the quarter ended September on Thursday.
Overall retail sales grew by 4 percent year-over-year. Business in Mainland China increased 9 percent from a year ago, making up for the 5 percent decline in Hong Kong and Macau.
However, on a same-store sales basis, growth was down 3 percent group-wide year-over-year. Mainland China increased 6 percent, while Hong Kong and Macau fell 13 percent.
The company did not disclose exact sales figures.
This year, the Chinese Mid-Autumn Festival holiday fell on September 28, close to the weeklong National Day Holiday celebrated on October 1. However, initial feedback pointed to a subdued retail atmosphere in Hong Kong, which historically received the lion’s share of Mainland Chinese visitors looking to shop. The combined holiday, or “Super Golden Week” as some in the industry called it, allowed Mainland Chinese to further travel abroad for their shopping to destinations like the U.S., South Korea and Japan, China Luxury Advisors said.
Gold products continued to dominate for Chow Tai Fook. The category, which makes up 57 percent of the company’s business, grew 13 percent year-over-year while gem-set jewelry dropped by as much.