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Chow Tai Fook’s Sales Hit by China, Hong Kong Downturn
Apr 12, 2016 10:27 AM
By Rapaport News
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RAPAPORT... Asian jewelry retailer Chow Tai Fook reported quarterly same-store
sales from China and Hong Kong plunged as a weaker consumer sentiment and the
region’s economic slowdown dampened performance.
Same-store
revenues dived 26 percent in the fourth fiscal quarter that ended March 31, the
Hong Kong-based retailer said, with total sales dropping 26 percent, or 22 percent ex-currency.
Same-store sales in mainland China slumped 25
percent compared with a drop of 6 percent in the previous three months because shoppers
preferred to buy from overseas markets.
In Hong Kong and
Macau, same-store sales slid 27 percent versus a 23 percent decline in the previous
quarter as fewer tourists from the mainland visited Hong Kong amid a weaker
local consumer sentiment, the company explained.
Gem-set
jewelry sales fell 23 percent across the group and gold sales declined 27
percent.
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Tags:
China, Chow Tai Fook, Hong Kong, Jewelry, Rapaport News, retail
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