Chow Tai Fook Jewellery quarterly retail sales value drop
Tuesday, July 14, 2020
Chow Tai Fook Jewellery (1929) said its retail sales value during the quarter ended June shrank by 20.2 percent from a year ago, with that of Hong Kong, Macau and other markets, which accounted for 11.4 of the total, plunging 69 percent year-on-year.
Retail sales value from the mainland China market took up 88.6 percent of the total figure, and went up by only 0.1 percent from a year ago, said the company.
Chow Tai Fook said the same-store sales decline in the mainland narrowed to 11.2 percent year-on-year last month as business resumed, but Hong Kong and Macau recorded a SSS decline of 72.5 percent and 93.2 percent, respectively.
The jeweler operated a total of 3,896 stores as of the end of June, with a net addition of 49 stores in the mainland and a net closure of three stores in Hong Kong during the quarter.