Chow Tai Fook Jewellery Group Limited released its operational update for the Chinese New Year period in 2017, reporting improved sales in Mainland China, even as the Hong Kong and Macau markets lagged behind. The retailer reported that growth was stronger in the gold products segment as compared to the gem-set jewellery segment.

The Company said that retail sales in Mainland China grew by 4% in value terms, while Same Store sales were up 1% by value and down 9% in volume terms during the period from January 14 to February 3, 2017.

In Hong Kong and Macau, however, retail sales were down by 11% in value terms, while Same Store sales declined by 11% in value terms but rose by 33% in volume terms during the same period.

In terms of categories, gem-set jewellery same store sales were dowwn 20% in Mainland China and 37% in HK & Macau. Chow Tai Fook said that Valentine’s Day was not included in the CNY period this year. If a 20-day comparison is applied by stripping out the revenue of Valentine’s Day last year, such Same Store Sales growth would be positive for Mainland China.

It also clarified that performance of gem-set jewellery in Hong Kong and Macau was dragged by the decline in average selling price due to some big ticket sales transactions in the corresponding period last year. Despite this, volumes sold recorded a positive growth, the Company said.

Gold product sales were up 14% in Mainland China and 13% in HK & Macau, the Company said.