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Chow Tai Fook's 1Q Same Store Sales -15%
Jul 9, 2015 10:09 AM
By Ronen Shnidman
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RAPAPORT... Chow Tai Fook Jewellery Group reported that same-store sales declined 15 percent year on year during the first quarter that ended on June 30, 2015, according to unaudited results. Declining comparable-store sales across the group were attributed to weaker consumer demand in Hong Kong and Macau, where same-store sales fell 24 percent. In Mainland China, same-store sales dropped 7 percent.
In Hong Kong and Macau, gem set jewelry same-store sales dropped 16 percent during the quarter, while gold product comparable-store sales fell 25 percent in the two territories. Gold product sales outperformed gem-set jewelry slightly in Mainland China, where they fell only 2 percent compared with a 4 percent drop for gem-set jewelry.
Chow Tai Fook opened a net 13 points-of-sale during the first quarter, with 22 jewelry locations opening against the closure of 10 watch locations in Mainland China. In Hong Kong, Macau and other markets, the group opened one location during the period. The group operated 2,270 points of sale as of June 30.
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Tags:
China, Chow Tai Fook, CTF, Far East, Hong Kong, macau, Ronen Shnidman
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