Chow Tai Fook Jewellery's retail sales drop 1.5 percent in Q1

Chow Tai Fook Jewellery (1929) said its retail sales dropped by 1.5 percent last quarter amid heightened external uncertainties and unprecedented gold price levels and volatility.

While Hong Kong, Macau and other markets saw their retail sales soar by 58.5 percent, the China market, which accounted for 83.7 percent of the group’s total, posted an 8.2 percent decline in sales. 

In the period, same-store sales only inched up by 0.2 percent in China, while the figure for Hong Kong and Macau rose 40.1 percent. 

It opened 13 points of sale in the mainland in the quarter and closed 141 POS.