周大福FY2026Q1同店降幅继续收窄,期待改善态势延续

国盛证券
Jul 23, 2025

事件:周大福发布FY2026Q1经营情况公告,根据公司披露Q1集团RSV同比下降1.9%,整体表现符合预期。内地:线下同店降幅收窄+电商快速增长,FY2026Q1内地RSV同比下降3.3%。1)线下业务:低基数+产品优化+低效店出清,公司Q1直营同店销售降幅收窄,加盟同店销售持平。根据公司披露FY2026Q1内地直营同店销售同比下降3.3%,加盟同店销售同比持平,各业务同店销售延续逐季改善态势。...

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