Chow Tai Fook China Sales Rise

RAPAPORT... Sales in Chow Tai Fook's mainland China storesgrew strongly in the first fiscal quarter, while purchases in Hong Kong andMacau slowed. Retail sales jumped 24% in mainland China in the threemonths ending June 30, with same-store sales - at branches open for at least ayear - rising 11%, the jeweler reported Tuesday. Retail revenues in Hong Kongand Macau fell 6%, while same-store sales slipped 11%. Same-store sales onlyinclude shops that Chow Tai Fook operates itself, as opposed to franchises. "[The] Hong Kong and Macau market was affected by a toughbase comparison and cautious consumer sentiment amid an uncertain [economic]environment," the company said. Gem-set jewelry sales climbed 8% on a same-store basis inChina, but declined 16% in Hong Kong and Macau. Revenue from gold jewelrysurged 12% in China, as the average weight per product sold increased, as didthe average selling price. Sales of gold jewelry dropped 13% in Hong Kong andMacau. The group did not provide exact sales figures. Image: A Chow Tai Fook concept store in Hong Kong. (Wpcpey)