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Hearts On Fire Sales Weighed by U.S. Challenges
Nov 29, 2016 10:28 AM
By Rapaport News
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RAPAPORT... Revenue generated by the Hearts On Fire brand
declined in the first fiscal half because of tough conditions in the U.S.
retail market, parent company Chow Tai Fook reported.
Sales slid 9 percent to $41.8 million (HKD 324.5 million) in
the six months that ended September 30, the Hong Kong-based jeweler said.
Wholesale
sales to franchisees and other retailers slumped 14 percent to $31.7 million
(HKD 246 million). This outweighed a 12 percent jump in Hearts On Fire retail
sales to $10 million (HKD 77.5 million). The brand's core operating loss widened 21 percent to $8.5 million (HKD 66.1 million).
“Revenue shrank as a
result of a challenging retail market condition and the competitive landscape
in the U.S. market,” Chow Tai Fook said in its interim report.
The number of dedicated Hearts On Fire stores was unchanged at 14, of which 12 were in Taiwan and two in the
U.S. The brand was displayed in 541 other retail locations during the period.
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Tags:
Chow Tai Fook, Hearts On Fire, Rapaport News, retail, taiwan, u.s., wholesale
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