China and Hong Kong based jewellery retailer Chow Tai Fook reported that its same store sales were down 3% in value and rose by a marginal 1% in volume terms year-on-year during the second quarter of the current fiscal that ended on September 30. The company released its unaudited results, reporting a 4% rise in overall sales, but attributed the decline in same store sales to “the continuing lackluster retail market sentiment”.

Same store sales by value were up 6% in Mainland China, but declined 13% across Hong Kong and Macau. In volume terms, Mainland China saw a growth of 13%, but Hon Kong & Macau reported a fall of 18%.

The statement also said that the rise in Retail Sales by Value was mainly due to a surge of demand for gold products as gold price tumbled since mid-July, adding that the effect faded as gold prices stabilised in September.

Same store sales of gold products were up 22% in Mainland China and 4% in HK & Macau for an overall increase of 13%. However sales of gem-set jewellery declined by 4% in Mainland China and 22% in HK & Macau,

The Group opened a net of 16 POS during the period, which included a net opening of 14 Jewellery POS in Mainland China and a net opening of 2 POS in Hong Kong, Macau and other markets, bringing the total number of POS to 2,286 as at 30 September 2015.