Chow Tai Fook sales plummet
Jeweller Chow Tai Fook says same store sales in Hong Kong and Macau fell a massive 24 per cent in the June quarter.
In volume terms they fell by 30 per cent.
Gem set jewellery sales fell 16 per cent and gold product sales by 25 per cent.
In China, same store sales fell seven per cent by value and 10 per cent by volume.
Chow Tai Fook opened a net 13 points of sale during the quarter – 22 new jewellery stores opened and 10 watch stores closed in Mainland China. One new store opened in Hong Kong-Macau, taking the jewellers total point of sale network to 2270.
The company said the sales data was unaudited and did not volunteer further commentary in its stock exchange filing.