Chow Tai Fook Jewellery Group Limited (01929) said sales performance in both mainland China and Hong Kong and Macau markets during the three months ended 30 September 2019 were negatively impacted by the uncertain macro environment and a surge in international gold price. SSSG in mainland China recorded a drop of 7% in the quarter. Performance in Hong Kong and Macau was also affected by a tough base of comparison and the situation in Hong Kong, leading to a notable decline in SSS.
In mainland China, SSSG of gem-set jewellery was flat. Yet, new POS opened in the past 12 months boosted the RSV growth of gem-set jewellery to 12% during the quarter. SSS of gem-set jewellery in Hong Kong and Macau decreased by 35% during the quarter as consumers held back spending. In mainland China, same store average selling price (ASP) of gem-set jewellery was HK$6,400 (2QFY2019: HK$6,100) while that of Hong Kong and Macau was HK$10,800 (2QFY2019: HK$9,700).
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