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.