Chow Tai Fook Jewellery Group (1929) Q3 2026 earnings summary

Executive summary

• Retail sales value (RSV) grew 17.8% year-over-year for the three months ended 31 December 2025, with accelerated sales momentum in both Mainland China and Hong Kong & Macau.

• Same store sales growth (SSSG) was strong: 21.4% for self-operated stores and 26.3% for franchised stores in Mainland China; 14.3% in Hong Kong & Macau.

• Brand transformation initiatives and new store formats continued, with new openings in premier locations and product launches targeting younger customers.

Financial highlights

• RSV in Mainland China rose 22.9% year-over-year; Hong Kong & Macau RSV increased 16.9%.

• Fixed-price jewellery RSV in Mainland China surged 59.6% year-over-year, now contributing 40.1% to RSV (up from 29.4%).

• Weight-based gold jewellery RSV in Mainland China declined, now 56.8% of RSV (down from 66.8%).

• E-commerce RSV in Mainland China grew 25.3% year-over-year, contributing 7.4% to RSV.

Outlook and guidance

• Continued focus on international expansion, with new stores planned in premium global destinations by June 2026.

• Ongoing rationalization of the POS network to prioritize high-productivity locations and market leadership.