CHOW TAI FOOK (01929) announced that the group's retail value for the three months ended March 31, 2026 (the fourth quarter) decreased by 1.5% year-on-year. Retail value in Mainland China declined by 8.2%, while retail value in Hong Kong, Macau, and other markets increased by 58.5% compared to the same period last year. The fourth quarter unfolded against a backdrop of heightened external uncertainties and record-high, highly volatile gold prices, which impacted consumer purchasing behavior.
In Mainland China, same-store sales at directly operated stores during the quarter saw a slight increase of 0.2%, whereas same-store sales at franchised stores decreased by 5.8%. Benefiting from a positive consumption atmosphere and sustained strong customer traffic, same-store sales in Hong Kong and Macau grew by 40.1% year-on-year. Hong Kong recorded a 36.8% increase, while Macau saw a 50.1% rise.
The average selling price (ASP) for priced gold jewelry remained strong during the quarter. The ASP in Mainland China rose to HKD 11,900 (Q4 FY2025: HKD 7,800), while the ASP in Hong Kong and Macau increased to HKD 21,200 (Q4 FY2025: HKD 13,600). The ASP for priced jewelry also maintained its strength. In Mainland China, the ASP for priced gold jewelry (including gold products and gem-set gold products) increased to HKD 7,900 (Q4 FY2025: HKD 5,700), while the ASP for gem-set jewelry rose to HKD 9,500 (Q4 FY2025: HKD 8,200). In Hong Kong and Macau, the ASP for priced gold jewelry climbed to HKD 8,300 (Q4 FY2025: HKD 4,200), and the ASP for gem-set jewelry was HKD 18,300 (Q4 FY2025: HKD 17,200).
Continuously enhancing brand influence and the retail experience are key pillars of the brand's transformation. Since the brand transformation initiative began, the group's newly designed stores have consistently delivered higher productivity compared to standard stores. To support the goal of expanding global brand influence, the group continues to deepen its presence in prime luxury locations within international markets. During the quarter, the group added two new design concept stores in prime locations in Bangkok, Thailand, and Sydney, Australia. In February, the group opened its first flagship store on Canton Road in Tsim Sha Tsui, Hong Kong, which is the largest store for the group in the Hong Kong and Macau region. This landmark store, spanning nearly 10,000 square feet, perfectly showcases the group's craftsmanship, creativity, and heritage, further solidifying its position as a globally renowned Chinese luxury group.
During the quarter, the group strategically expanded its product categories by launching CHOW TAI FOOK Accessories (CTF Accessories) and CHOW TAI FOOK Home (CTF HOME). By continually innovating and pushing the boundaries of jewelry, CHOW TAI FOOK aims to connect with customers across different aspects of their lives.
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