Chow Tai Fook sales slump 60pc

Chow Tai Fook Jewellery (1929) posted a 60 percent sales slump in Hong Kong and Macau in the first two months this year after shutting down 40 stores in the two cities, weighed down by Covid-19 and the social unrest.

The Hong Kong-based jewelry retailer said same-store sales in Hong Kong and Macau plunged by 59 percent during January and February.

Retail sales in mainland China, which contributed nearly 70 percent of total revenue, plunged 42 percent, with same-store sales falling by 49 percent.

Chow Tai Fook said about 70 percent of its retail stores in mainland China and 64 percent of stores in Hong Kong and Macau resumed operations as of February. Its production center in Wuhan, which accounted for 15-20 of capacity, remains closed, and the company has reallocated production to facilities in Shunde and Shenzhen.