Hong Kong and Macau Drive Chow Tai Fook Growth
October 11, 23
(IDEX Online) - Chow Tai Fook today reported a 5.8 per cent increase in the value of Q2 retail sales, driven by an influx of tourists from the Mainland to Hong Kong and Macau.
But sales across the rest of China, where CTF has over 7,200 outlets, were almost flat, with growth of just 0.6 per cent.
The number of Mainland tourists visiting Hong Kong was back to 80 per cent of pre-pandemic levels in August, according to government sources.
Retail sales value there and in Macau were up by 54.1 per cent in the three months to 30 September.
Despite current market conditions, CTF said the Mainland market has seen solid recovery in mobility and retail activity during the festive periods of the Qixi and National Day holidays (25 September - 5 October).
The company says it will focus on enhancing earnings quality with margin expansion and improved returns to equity and capital as part of its future growth strategy.