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RAPAPORT... Chow Tai Fook Jewellery Group Ltd. reported that retail sales fell 9 percent year on year in the fourth quarter that ended on March 31, led by a 21 percent decline in Hong Kong, Macau and other markets, while the drop was only 3 percent in Mainland China. The retailer did not provide hard totals.
Same-store sales for the group fell 16 percent, with comparable-store sales falling 9 percent in Mainland China and 26 percent in all other markets. Gem-set jewelry sales as measured on a same-store basis fell 6 percent and gold product sales dropped 19 percent. Chow Tai Fook opened 14 points of sale during the quarter, comprised of nine for jewelry, one standalone Hearts On Fire location, and five for watches. Chow Tai Fook operated 2,257 points of sale as of March 31.
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