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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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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.
Tags: China, Chow Tai Fook, Hong Kong, Jewelry, Rapaport News, retail
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