Chow Tai Fook Jewellery quarterly retail sales value drop

Business | 14 Jul 2020 6:32 pm

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.