Chow Tai Fook sales decline amidst market headwinds

Chow Tai Fook Jewellery Group (HKEX: 1929) announced a decline in retail sales value (RSV) by 11.6% for the three months ended March 31, 2025. RSV growth in Mainland China decreased by 10.4%, while Hong Kong and Macau saw a steeper decline of 20.7%. Same-store sales (SSS) also fell, with Mainland China dropping 13.2% and Hong Kong/Macau declining 22.5%. Despite the overall decrease, the company noted strong consumer demand for gold products and successful product optimization initiatives, which helped narrow the SSS decline in Mainland China sequentially. The company's fixed-price gold products category grew in contribution, reaching 25.6% of total sales. The Group closed 395 CHOW TAI FOOK JEWELLERY POS in Mainland China. The company remains focused on improving earnings quality and sustaining market leadership by maximizing store productivity.