Chow Sang Sang (00116.HK) announced that the comprehensive turnover of the group's ongoing business in the first half of 2024 decreased by 13% to HKD 11.313 billion. The attributable profit of the company's owners decreased by 36% to HKD 0.526 billion. The attributable profit of the company's owners from continuing operations decreased by 39% to HKD 0.502 billion. Earnings per share basic and diluted were 77.6 cents.
In the first quarter of 2024, the jewelry business in Hong Kong and Macau recorded a 4% increase in same-store sales; however, same-store sales in mainland China dropped by 9% from the high base of last year. In March and April, the price of gold soared in a strong economic downturn, leading to a 24% decline in same-store sales in Hong Kong and Macau and mainland China in the second quarter. Despite the fact that sales in all markets are mainly gold jewelry and related products, the company's gross margin increased from 28.0% to 28.3% through adjustments in product categories. In the first half of 2024, the company opened 25 new stores and closed 47 stores, most of which were in mainland China.
