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Chow Tai Fook Sales Plummet 33%

Oct 19, 2016 7:27 AM   By Rapaport News
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RAPAPORT... Hong Kong-based Chow Tai Fook said revenue slumped in the second fiscal quarter from a high base last year.

Retail sales dived 33 percent in Hong Kong and Macau and fell 17 percent in Mainland China in the three months that ended September 30, the jeweler reported. Same store sales slid 30 percent in Hong Kong and Macau and dropped 22 percent in Mainland China.

Same store sales of gold slumped 36 percent in Hong Kong and Macau and dived 27 percent in Mainland China. Gem-set jewelry fared less badly, down 23 percent in Hong Kong and Macau and 17 percent in Mainland China.

“Retail sales-value performance during the second quarter was affected by the high base, which resulted from a surge in sales of gold products as gold price fell in the same period last year,” the company said.
Tags: China, Chow Tai Fook, Hong Kong, Hong Kong and Macau, Jewelry, macau, mainland china, Rapaport News, retail
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