Chow Tai Fook Jewellery Group Limited has recorded a 9% decline in sales for the quarter ended March 31, 2015, with the decline mainly attributable to the “relatively weak retail market in Hong Kong and Macau, which was impacted by the surge in the number of high spending Mainland Chinese tourists travelling and spending abroad”, the retailer said in a statement.

The total sales figures reflects the end price paid by consumers, and includes all revenue generated through POS and other channels (and including VAT where applicable), the company said.

Same store sales fell more sharply, declining by 16% during the quarter, and 17% in terms of volume. The declines were more marked in Hong Kong, Macau and other markets across all parameters than in Mainland China, the figures indicated.

However, the decline in gem set jewellery  in same store sales (which has a 27% share overall) was lower at 6% than the decline in gold products, which were down 19% and account for 55% of sales overall.

Despite the weak market conditions, Chow Tai Fook reported the net addition of 14 new POS across locations to its network. This includes net opening of 9 Jewellery POS (comprising one Hearts On Fire standalone store in Nanjing) and a net

opening of 2 Watch POS in Mainland China, and a net opening of 3 POS in Hong Kong,

Macau and other markets, bringing the net opening number during FY2015 to 180, and

the total number of POS as at 31 March 2015 to 2,257.

The statement said that the results represent unaudited figures.