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Hong-Kong jewellery retailer Chow Tai Fook has reported impressive second-quarter sales as the recovery from the COVID pandemic continues.
Sales increased by 5.8 per cent on a year-on-year comparison, which the retailer attributed to increased tourism in a statement.
In Hong Kong, sales increased by 54.1 per cent, which accounts for 14.1 per cent of overall revenue. Sales improved by a modest 0.6 per cent in mainland China.
“The Group will be actively monitoring the dynamic and fast-evolving market conditions,” the company said in a statement.
“Staying vigilant and nimble to the ground with the extensive network, the Group has the financial and operational resources to effectively calibrate resources to dial-up expansion as needed.”
Same-store sales of gold products, including jewellery, decreased by 10 per cent in China; however, in Hong Kong, that category improved by 89 per cent.
“Building on the trend seen in the first quarter, the Group continues to observe a shift in consumer spending and mindset towards luxury and gold products,” the statement continues.
“Consumers’ demand for gold jewellery remained solid despite the increase in gold price in the Mainland.”
Jewellery featuring gemstones decreased by 28 per cent in China and four per cent in Hong Kong and Macau.
In the opening quarter, Chow Tai Fook recorded a 29 per cent increase in sales on a year-on-year comparison. The company is the second-largest jewellery retailer in the world by market value.
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