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Chow Tai Fook’s Chinese New Year Sales Plummet 29%
Feb 18, 2016 5:05 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook reported a 29-percent decline in retail sales
during the Chinese New Year period compared with a year ago as consumers in
Mainland China shopped outside the country over the festive season.
Sales on the
mainland between January 25 and February 14 plunged 30 percent versus the
equivalent period in 2015 as locals traveled and spent money overseas,
according to a statement by the Hong Kong-based jewelry retailer February 17.
Performance
was also negatively affected by weakened consumer sentiment on luxury goods
because of the Chinese economic slowdown and stock-market volatility, the
statement said.
Hong Kong and
Macau sales declined 23 percent because of a drop in tourist numbers to Hong
Kong from the mainland and the continued weak retail sentiment in the region.
The retail
business environment will continue to be challenging in January to March and
sales will be worse than the third quarter when revenue dropped
11 percent, the company warned.
Same-store
sales during the Chinese New Year period fell 31 percent in Mainland China, 22
percent in Hong Kong and Macau and 28 percent group-wide. Gem-set jewelry sales
plummeted 30 percent on the mainland, 3 percent in Hong Kong and Macau and 20
percent across the company.
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Tags:
China, China retail, Chinese New Year, Chow Tai Fook, Hong Kong, jewelers, Jewelry, lunar new year, macau, mainland china, Rapaport News, retail
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