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RAPAPORT... Chow Tai Fook Jewellery Group Ltd. released unaudited operational data for the first fiscal quarter that ended on June 30 and estimated that group sales plunged 32 percent year on year. Same-store sales fell 40 percent group wide with a 28 percent decline for Mainland China and a 50 percent contraction for the Hong Kong, Macau and other Asian markets. Retail sales fell during the quarter due to what the company defined as an "extraordinary high base effect" one year earlier that resulted from much higher gold product sales as gold prices declined in 2013. Nonetheless, gem-set jewelry sales performed well during the period by increasing 2 percent. Chow Tai Fook opened 46 points of sale in Mainland China during the first quarter, four were opened in Hong Kong, Macau and other Asian markets, increasing the retailer's total number to 2,123 as of June 30.
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