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).