City Chain sales plunged 20 per cent across Greater China in the three months to June. 

Hong Kong-headquartered parent Stelux International – which spun off its eyewear business last year – said the watch-retailing chain’s poor performance was due to a 14.8-per-cent contraction of its store network and “softened consumer demand”.

Group-wide turnover fell 18.8 per cent to HK$235.3 million for the June quarter.

City Chain sales in Greater China reached $167.1 million in the quarter, down 20.1 per cent, with the store network down from 135 at the end of June last year to just 102.

Sales in Southeast Asia fell 15.3 per cent to $68.2 million with the store network down 36 over a year to 208.