Chow Tai Fook Jewellery Group Announces 4QFY2024 Quarterly Results

Chow Tai Fook Jewellery Group reported a 12.4% growth in Retail Sales Value (RSV) for the fourth quarter of the fiscal year 2024, spurred by high festive demand and a strategy aimed at promoting higher value growth. This period saw significant sales upticks in mainland China and in Hong Kong, Macau, and other regions, benefiting from robust demand during the Lunar New Year celebrations and a steady influx of tourists.

In mainland China, the group's successful introduction of dragon-themed products, including the new HUÁ Collection, catered well to the festive spirits, contributing to the region's 12.4% RSV growth. The franchise stores in mainland China experienced an even higher growth rate, recording an 18.3% increase in RSV. This indicates effective store productivity improvements and a strategic focus on high-performing stores.

The Hong Kong, Macau, and other markets segment also demonstrated resilience, with RSV growing by 12.8%, despite a high comparison base from the previous year. This growth was supported by the continued recovery of inbound tourism and festive shopping.

Gold jewellery and products saw a particularly strong response, with Same Store Sales (SSS) up by 3.4% and 16.6% in mainland China, and Hong Kong and Macau respectively. However, gem-set jewellery faced a declining trend in SSS in both regions, reflecting a more cyclical nature of consumption amid current macroeconomic challenges.