CHOW TAI FOOK: GROUP RETAIL SALES VALUE FELL 0.5% IN THE SECOND QUARTER; THE MAINLAND FELL 5.3% AND HONG KONG AND MACAO ROSE 33.2%
By Pau Almar · Published
Q2 FY2027 · 22 OCTOBER 2026
Chow Tai Fook's unaudited operational data for the three months to 30 September 2026, the second quarter of its financial year to March 2027, gives Group retail sales value growth of -0.5%. The Chinese Mainland, 83.3% of Group retail sales value, fell 5.3%; Hong Kong, Macao and other markets, 16.7%, rose 33.2%. The announcement carries no revenue, margin or profit figure.
Same store sales rose 2.2% in the Mainland against same-store volume down 9.7%, which implies a price and mix lift of about 13.2%. Fixed-price gold jewellery average selling price rose to HK$10,100 from HK$7,000 and weight-based gold to HK$10,200 from HK$9,500. The company attributes the Mainland decline "mainly" to network optimisation and a high comparison base; 240 points of sale closed in the quarter.
Franchised same store sales in the Mainland fell 2.9%, a gap of 5.1 points to the self-operated stores, and the franchised share of Mainland retail sales value fell to 61.6% from 67.5%.
On prior-year weights the Mainland subtracted 4.6 points from Group growth and Hong Kong, Macao and other markets added 4.1. The Hong Kong and Macao lift is gold: weight-based gold jewellery retail sales value grew 44.4% and its share of the region rose 5.4 points to 69.3%, with same-store volume up 14.0%.
The interim results for the half year to 30 September 2026 will show whether reported revenue growth sits below or above the -0.5% retail sales value growth; the next operational data will show Mainland same store sales against +2.2% and the pace of point-of-sale closures.
Source: Chow Tai Fook Jewellery Group Limited, Unaudited Key Operational Data for Three Months Ended 30 September 2026, 22 October 2026 ↗
Analysis by Pau Almar, VGR.
VGR analysis is an independent commercial reading of publicly disclosed company information, written from the perspective of a fashion retail sector operator. It is not investment research and it is not advice to buy, sell or hold any security. VGR is not a regulated financial adviser. Figures are taken from official company materials; figures derived by VGR are labelled as such. Readers should reach their own conclusions and take professional advice where appropriate.
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