Chow Tai Fook sales dive in first two months

Sales of Chow Tai Fook Jewellery (1929) plunged during the first two months after temporarily closing its stores amid the coronavirus outbreak.

Retail sales in Hong Kong and Macau fell by 60 percent from a year ago. Same-store sales in Hong Kong and Macau slumped by 59 percent with sales volume dropping by 61 percent year-on-year.

In the mainland, sales value shrank by 42 percent compared with a year ago while same-store sales dropped by 49 percent.

Nearly 70 percent and 64 percent of its stores in mainland China and Hong Kong and Macau resumed operations as of the end of last month, said the company.

Retail sales value of the e-commerce business in the mainland also dropped by 24 percent year-on-year while volume dropped by 36 percent in the period.