Chow Tai Fook (CTF) reported on 15 October that the group recorded a 10 percent decrease in retail sales value in Q2 2014 as compared to the same period last year.The decrease was due to the high base resulted from the gold rush in Q1 2014 as a result of a sharp fall in international gold prices.
The same-store sales growth in Mainland China was lowered 12 percent while Hong Kong, Macau and other Asian markets decreased 29 percent.
CTF’s same-store sales growth of gold products decreased 33 percent.
Product mix improved significantly during Q2 2014 when compared with the same period last year.
CTF opened 58 points of sale for jewellery in total. In Mainland China, the group closed three points for watches while opened three points in Hong Kong, Macau and other Asian markets bringing the total number of POS to 2,181 as of 30 September 2014.
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