Sales decline for Chow Tai Fook




Chow Tai Fook Jewellery Group, the largest jewellery retailer in China, has reported a decline in sales for the first fiscal quarter.

Chow Tai Fook sales dropped by 3.7 per cent for the quarter ending 30 June, marked by a 2.8 per cent decline in sales from mainland China and a combined 11 per cent drop in Hong Kong and Macau.

The report attributed the decline to a recent resurgence of COVID cases.

Recent waves of COVID in China have resulted in lockdowns and travel restrictions and has impacted Hong Kong and Macau where tourism plays a significant role in jewellery sales.

The report stated that sales were positive in June, however, not enough to offset the decline in April and May.

Same-store sales in mainland China, for stores which have been open for at one year, declined by 19 per cent.

Chow Tai Fook is the world’s second-largest jewellery retailer by market value and has been rallying behind its “dual-force strategy” for business expansion, opening an additional 1,361 stores in China.

The company has more than 5,900 stores worldwide.

More reading

China’s largest jewellery retailer reports strong sales despite lockdowns
 





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