Falling Gold Price Boosts Chow Tai Fook Fiscal Q2 Sales

Retail and Consumer Confidence
12/10/2015 07:07

Hong Kong-based Chow Tai Fook Jewellery Group, one of the world's largest jewelers, posted a rise of 4 percent in retail sales on the year for the three months to September 30. The firm said the increase was due to a rise in demand for gold items following the fall in the price of gold since mid-July. Same-store sales, a critical indicator for the retail sector, declined by 3 percent in value terms but edged up 1 percent in volume terms for the second fiscal quarter. The company’s best growth was recorded in Mainland China, with sales jumping 9 percent in value and 13 percent in same-store volume, while same-store sales increased by 6 percent.