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Chow Tai Fook Sales Continue to Fall
Nov 22, 2016 9:16 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook’s sales and profit tumbled in the first fiscal
half as consumer sentiment and tourist spending fell.
Revenue fell 23.5 percent to $2.78 billion (HKD 21.53 billion) in the six months that ended
September 30, the Hong Kong-based jeweler reported. Profit dived 19 percent to $163.5 million, weighed by a 5.2 percent decline in Hong Kong tourist
arrivals from Mainland China.
Chow Tai Fook has suffered successive year-on-year declines in half-year
sales and profit over the past 24 months, driven by a downturn in the region.
Chinese holidaymakers’ increased propensity to visit overseas destinations has
compounded the situation.
“Weak consumer sentiment and a change in purchase behavior
of Mainland tourists continued to affect sales performance,” Chow Tai Fook
said.
Gem-set jewelry sales fell 22 percent to $746.6 million, while gold sales plummeted 27 percent to $1.47 billion. Total sales in Hong Kong
and Macau dived 21 percent to $1.24 billion. In Mainland
China, jewelry sales dropped 24 percent to $1.57 billion,
while watch sales slipped 5 percent to $109.6 million.
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Tags:
China, Chow Tai Fook, Hong Kong, Jewelry, mainland china, Rapaport News, retail, tourists
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