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Chow Tai Fook Revenue Falls Again

Jul 12, 2016 3:37 AM   By Rapaport News
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RAPAPORT... Chow Tai Fook’s sales continued to decline in the first fiscal quarter due to stagnant consumer sentiment in Hong Kong and Macau and a drop in tourist arrivals from mainland China.

In Hong Kong and Macau, retail revenue dived 22 percent and same-store sales slid 20 percent, the jeweler reported. The group’s retail sales in Mainland China fell 13 percent and same-store sales slumped 17 percent.

Gem-set jewelry sales plummeted 27 percent in Hong Kong and Macau compared with a 12-percent decline on the mainland.

The drop in same-store sales in Hong Kong was nonetheless slower than the last quarter because of certain big-ticket transactions involving gold products. On the mainland, revenue fell by a smaller percentage than the previous quarter due to a smaller drop in gem-set jewelry sales.
Tags: China, Chow Tai Fook, Hong Kong, Hong Kong and Macau, jewelers, Jewelry, macau, mainland china, Rapaport News, results, retail
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