Chow Tai Fook's overall retail sales value experienced a slight year-on-year decline of 1.5% in the fourth quarter of FY26, with mixed performance across different regions. While same-store sales in mainland China showed a small increase in directly operated stores but a significant decrease in the wholesale segment, sales in Hong Kong and Macau surged by 40%. Despite these challenges, management anticipates a narrower net store closure in mainland China and expects solid growth in FY27, leading CICC to maintain an 'Outperform' rating, although the target price has been reduced by 11%.
