Chow Tai Fook finds sales respite as Mainland China gets back to business
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Hong Kong jeweler 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 percent in Macau and 72.5 percent in Hong Kong. However, an “encouraging sequential improvement” saw the decline on the mainland capped at 11.2 percent.
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.
Questions & Answers
Q.What impact did the reopening of retail stores in Mainland China have on Chow Tai Fook's sales?
What impact did the reopening of retail stores in Mainland China have on Chow Tai Fook's sales?
The reopening of stores in Mainland China helped ease the company's overall sales decline in the June quarter. The decline on the mainland was limited to 11.2 percent, showing an encouraging sequential improvement.
Q.Which regions saw the most significant sales decline for Chow Tai Fook?
Which regions saw the most significant sales decline for Chow Tai Fook?
Macau and Hong Kong experienced the most substantial sales declines, with same-store sales down by 93.2 percent in Macau and 72.5 percent in Hong Kong, primarily due to a lack of tourists.
Q.How many new stores did Chow Tai Fook add in Mainland China during the quarter?
How many new stores did Chow Tai Fook add in Mainland China during the quarter?
Chow Tai Fook added a net total of 49 new stores in Mainland China. This included 45 namesake brand stores, three So In Love stores, and four Monologue shops.
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