Chow Tai Fook Jewellery Group (1929) Q4 2026 earnings summary

Executive summary

• Fourth quarter saw mixed performance amid external uncertainties and record gold price volatility, impacting consumer behavior differently across regions.

• Brand transformation continued with new store formats and international expansion, including flagship openings in Hong Kong, Bangkok, and Sydney.

• Product innovation advanced with launches of CTF Accessories and CTF HOME, broadening lifestyle offerings.

Financial highlights

• Group Retail Sales Value (RSV) declined by 1.5% year-over-year for the quarter.

• RSV in Hong Kong & Macao surged by 58.5%, while Chinese Mainland RSV fell by 8.2%.

• Same Store Sales (SSS) grew 0.2% in Mainland self-operated stores and 40.1% in Hong Kong & Macao.

• RSV of e-commerce in Mainland grew 14.4% year-over-year, contributing 6.6% to RSV.

Outlook and guidance

• Continued focus on brand influence, retail experience, and network optimization to drive productivity.

• Ongoing international expansion and product innovation expected to support future growth.