周大福珠寶 (01929.HK) 內地六月同店恢復正增長、疫情捲土重來仍是短期風險 消費 | 奢侈品零售品牌 |

內地六月同店銷售恢復正增長
周大福珠寶(下稱「周大福」)公布截至 2022 年 6 月底止 3 個月(1QFY2023)未經
審核主要經營數據,中國內地以及香港及澳門的同店銷售於第一季度均錄得負增長,
整體零售值按年倒退 3.7%,主要受內地疫情反彈及基數較高所影響。
1QFY2023,按區域劃分,內地零售值按年倒退 2.8%,佔整體零售值 89.9%;同店銷
售(SSSG)按年倒退 19.3%,同店銷量(SSVG)按年倒退 22.8%;然而,同店銷售出
現持續改善,並於 6 月份回復至正增長。香港、澳門及其他市場零售值按年倒退11.0%,佔整體零售值 10.1%。同店銷售按年倒退 6.4%,同店銷量倒退 8.4%。當中,
香港同店銷售增長為 7.3%,估計是消費劵所帶動;而澳門同店銷售錄得 34.3%的跌
幅,主要是由於內地疫情導致遊客減少。

Chow Tai Fook Jewellery (01929) China SSS growth returned to positive in June Resurgence of COVID remains near-term risk Consumer | Luxury Retail Brand

China SSS growth returned to positive in June
Chow Tai Fook Jewellery (CTF) announce certain unaudited key operational data of the
Group for the three months ended 30 June 2022 (1QFY2023), with both Mainland China and
Hong Kong and Macau recorded negative SSSG. Retail Sales Value (RSV) decreased 3.7% YoY,
due to the resurgence of the pandemic and a high base of comparison.
1QFY2023, by region, Mainland China RSV recorded –2.8% YoY, with contribution to group
RSV 89.9%. Same Store Sales (SSS) dropped by 19.3% YoY and SSS volume growth decreased
by 22.8% YoY. Yet, sequential improvement was seen with June SSSG returned to positive. In
Hong Kong and Macau, RSV dropped by 11%, contribution to group RSV 10.1%. SSS declined
by 6.4% and SSS volume growth decreased by 8.4%. Hong Kong’s SSSG was 7.3% in the
Quarter, estimated to be driven by consumer coupons. Macau registered a negative SSS of
34.3% as tourist traffic reduced due to the pandemic in the Mainland.
In the Mainland, SSS of gem-set, platinum and k-gold jewellery category dropped by 17.2%,
while its RSV decreased 6.3% during the Quarter. SSS of gem-set, platinum and k-gold
jewellery category in Hong Kong and Macau declined by 18.4% during the Quarter. Same
Store Average Selling Price (“ASP”) trend of gem-set jewellery was stable in both markets
during the Quarter. In the Mainland, Same Store ASP remained at HK$7,300 (1QFY2022:
HK$7,300) while that of Hong Kong and Macau increased to HK$16,500 (1QFY2022:
HK$14,000).

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!