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Chow Tai Fook Sales Slide During Covid-19 Wave
Jul 14, 2022 4:31 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook’s sales fell in the first fiscal quarter amid a resurgence of the coronavirus and a drop in tourism.
Retail sales value across the group slipped 3.7% year on year for the three months ending June 30, the Hong Kong-based jeweler reported Tuesday. The figure dipped 2.8% in mainland China and 11% in Hong Kong, Macau and other markets.
Sales were also lower due to an unfavorable comparison with the same period of 2021, when the economy had reopened after a long shutdown, according to the company, Asia’s largest jewelry retailer.
Same-store sales — at branches that had been open at least a year — plunged 19% on the mainland, Chow Tai Fook said. While sales recovered to a positive figure in June, that was not enough to offset the decline in April and May. In Hong Kong and Macau, sales slid 6%, as the health situation in China dented tourist traffic to Macau. A 34% decrease in same-store sales in Macau outweighed a 7% increase in Hong Kong, the company added.
Image: A Chow Tai Fook experience store in Shenyang, China. (Chow Tai Fook)
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Tags:
Chow Tai Fook, COVID-19, Hong Kong, Jewelry, Rapaport News
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