Chow Tai Fook finds sales respite as Mainland China gets back to business
Hong Kong jeweller Chow Tai Fook says the reopening of retail stores in Mainland China eased the company’s sales decline in the June quarter.
But the lack of tourists in Hong Kong and Macau decimated sales there.
Same-store sales were down by 93.2 per cent in Macau and 72.5 per cent in Hong Kong. However, an “encouraging sequential improvement” saw the decline on the mainland capped at 11.2 per cent.
The group added a net 49 stores in Mainland China during the quarter, comprising 45 stores carrying its namesake brand, three So In Love stores and four Monologue shops. A net one each of T Mark, CTF Watch and Enzo stores closed.
The company closed three stores in Hong Kong during the quarter.