International News
Chow Tai Fook’s Q1 retail sales decline 1.9% YoY
Chow Tai Fook Jewellery Group’s, Q1 FY2025/26 sees slight sales dip as Mainland China weakens, while Hong Kong and Macau deliver strong growth
Chow Tai Fook Jewellery Group reported a 1.9% YoY decline in retail sales value for Q1 FY2025/26, covering the three months ending June 30, 2025. Mainland China sales fell 3.3%, while Hong Kong, Macau, and other markets rose 7.8%. Gold jewelry maintained strong average selling prices (ASPs), with mainland ASPs rising to HK$6,900 ($883), up from HK$6,100 ($781).
ASPs in Hong Kong and Macau increased to HK$10,400 ($1,331), compared to HK$9,000 ($1,152) a year earlier. The group closed 311 stores in mainland China during the quarter and added one net store in Hong Kong and Macau as part of ongoing retail network optimization.
CTF said in an unaudited quarterly update that it had closed 311 outlets during the quarter (Q1 2026) and that the total number of outlets now stands at 6,337, down 16 per cent from the end of March 2024.
During the First Quarter, SSSG (Same Store Sales Growth) in key markets recorded a sequential improvement trend compared to previous quarters. The 1.9 per cent fall in sales was a significant improvement on the previous quarter, when RSV dipped by 11.6 per cent.
CTF said that with a clear emphasis to drive earnings quality and ensure margin resilience, current priorities on retail network management remain unchanged, which are to sustain market leadership and enhance the overall financial health of our retail network by maximising store productivity.
International News
US Jewellery Companies Continued To Shrink In The Third Quarter:JBT
During Q3, Business Closures Dropped To 116 Compared To 126 In The Prior Year’s Third Quarter, Driven By 88 General Operational Cessations, 28 Acquisitions Or Mergers, and Zero Bankruptcies.
The number of active US jewelry companies continued to shrink in the third quarter, but at a slower pace than a year ago, according to the latest data from the Jewelers Board of Trade (JBT).The US jewelry industry continued its structural consolidation through Q3, though the pace of business closures showed signs of stabilizing compared to the previous year. Data from the Jewelers Board of Trade (JBT) reflects ongoing consolidation across retail, wholesale, and manufacturing, coupled with heightened credit volatility.
Key Data & Metrics
Nationwide, the active business footprint stands at 21,831 companies, reflecting a 1.4% year-over-year decline. During Q3, business closures dropped to 116 compared to 126 in the prior year’s third quarter, driven by 88 general operational cessations, 28 acquisitions or mergers, and zero bankruptcies. Meanwhile, new market entrants also slowed, with 67 new business openings recorded in Q3 down from 89 during the same period last year.
Sector-by-Sector Breakdown
| Sector | Active Count | YoY Change | Impact Summary |
| Retailers | 16,564 | -1.5% | Makes up the majority of the sector; experienced the largest net store count reduction. |
| Manufacturers | 2,061 | -1.7% | Steepest percentage decline among all segments. |
| Wholesalers | 3,206 | -0.9% | Relatively stable, holding the mildest contraction rate. |
Credit & Financial Health Trends
The JBT report highlights dynamic shifts in creditworthiness across US and Canadian businesses, signaling bifurcated financial health:
- Credit Downgrades: Jumped sharply to 1,655 (up from 620 in Q3 of the prior year).
- Credit Upgrades: Rose significantly to 1,480 (up from 551 in Q3 of the prior year).
While net business closures are tapering off, high numbers of simultaneous upgrades and downgrades point to a split market where resilient operators are strengthening their positions while vulnerable businesses face tighter financial pressures.
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