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Chow Tai Fook’s Chinese New Year Sales Plummet 29%

Feb 18, 2016 5:05 AM   By Rapaport News
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RAPAPORT... Chow Tai Fook reported a 29-percent decline in retail sales during the Chinese New Year period compared with a year ago as consumers in Mainland China shopped outside the country over the festive season.

Sales on the mainland between January 25 and February 14 plunged 30 percent versus the equivalent period in 2015 as locals traveled and spent money overseas, according to a statement by the Hong Kong-based jewelry retailer February 17.

Performance was also negatively affected by weakened consumer sentiment on luxury goods because of the Chinese economic slowdown and stock-market volatility, the statement said.

Hong Kong and Macau sales declined 23 percent because of a drop in tourist numbers to Hong Kong from the mainland and the continued weak retail sentiment in the region.

The retail business environment will continue to be challenging in January to March and sales will be worse than the third quarter when revenue dropped 11 percent, the company warned.

Same-store sales during the Chinese New Year period fell 31 percent in Mainland China, 22 percent in Hong Kong and Macau and 28 percent group-wide. Gem-set jewelry sales plummeted 30 percent on the mainland, 3 percent in Hong Kong and Macau and 20 percent across the company.
Tags: China, China retail, Chinese New Year, Chow Tai Fook, Hong Kong, jewelers, Jewelry, lunar new year, macau, mainland china, Rapaport News, retail
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