CTF reported 26% sales growth in 3Q driven by strong sales of mass jewelleryproducts (both gold and gem-set). SSSG was 11% on 32% volume growth.

Store number. It net added 94 POSs during the quarter to a total of 2048 as ofend Dec 2013. Ytd, it openedSales from China grew by 34%. SSSG was 14% on 36% volume growth. Salesfrom HK /Macau rose by 18%. SSSG was 7% on 24% volume growth.

By product, gem-set sales grew by 26% with 8% sssg. ASP for gem-set alsorecorded an increase. Gold sales rose by 57% with sssg of 15%. Platinum/karatgold sales and watch sales were up 13% and 4% each. Gold products’contribution to sales normalized to 57% during 3Q. The proportion of gem setimproved to 26% on improving consumer sentiment and sales promotions.

Wholesale business continued to improve in the quarter as franchisees getmore optimistic. Inventory replenishment demand remains strong.

Inventory turnover for finished goods increased to 180 days ready for the peakseason including CNY and Valentine’s Day.

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