Jewellery retailer Chow Sang Sang reports narrower revenue decline in H1

Jewellery chain Chow Sang Sang has reported a smaller decline in revenue across its Macau and Hong Kong operations in the first half of 2025, down 6 per cent compared with a 9 per cent drop during the same period last year.

In its interim results announcement this week, the Hong Kong-listed retailer said revenue from its 53 stores in Hong Kong and seven in Macau totalled HK$3.3 billion (US$423 million) for the six months ended June.

Same-store sales in the Hong Kong and Macau segment fell 7 per cent year-on-year in the first half, improving from a 10 per cent decline in the first half of 2024 and a sharper 25 per cent drop in the second half of last year.

“Gold jewellery and products represented 77 per cent of total sales in Hong Kong and Macau,” the firm said. “The sales contribution of calculated-price gold jewellery declined while there was an upward trend in the sales of intellectual property (IP) products as well as gold jewellery set with diamonds.”

Despite the challenging macro environment, Chow Sang Sang reported a 71 per cent year-on-year surge in net profit to HK$901.7 million for the period, supported by a 5.2 percentage point increase in gross profit margin to 33.5 per cent.

As of June 2025, the group operated 883 stores across Greater China, marking a 7.8 percent year-on-year decline, or a net reduction of 75 stores, including one closure in Macau. Looking ahead, the company acknowledged that a recovery in diamond jewellery sales may take time