周大福(01929)第四季度零售值同比下降11.6%

Core Viewpoint - Chow Tai Fook's retail value experienced a decline in the fourth quarter, influenced by external macroeconomic factors and high gold prices, with a notable drop in sales across various markets [1][2] Group 1: Retail Performance - The group's retail value for the quarter ending March 31, 2025, decreased by 11.6% year-on-year, with mainland China down 10.4% and Hong Kong, Macau, and other markets down 20.7% [1] - Same-store sales in mainland China fell by 13.2% for direct stores and 8.7% for franchise stores, while Hong Kong and Macau saw a similar trend with a 22.5% decline in same-store sales [1] - The average selling price of gold jewelry remained resilient, increasing to HKD 6,400 in mainland China and HKD 8,600 in Hong Kong and Macau [1] Group 2: Product and Market Insights - Despite a challenging macro environment, strong sales of gold-inlaid diamond and other gemstone products led to a significant narrowing of the same-store sales decline for jewelry in mainland China [2] - The average selling price of jewelry in mainland China surged to HKD 10,900, while Hong Kong and Macau reached HKD 16,000 [2] - The company optimized its retail network by closing 395 retail points in mainland China and opening one in Hong Kong and Macau, while also closing three points in Japan and Vietnam [2]