Chow Tai Fook Reports Fall in Sales in Q3
Chow Tai Fook Reports Fall in Sales in Q3
The jeweler reported 2,243 points of sale as of the end of 2014.
Chow Tai Fook, the huge jewelry manufacturing and retailing firm, reported a decline of 10 percent on the year in its third quarter that ended on December 31.
The jewelry giant posted an 18-percent fall in same-store sales. Hong Kong and Macau were hit particularly hard, with a 21-percent decline in sales. Meanwhile, there was a 15-percent slump in Mainland China same-store sales.
Chow Tai Fook reported a 12-percent drop in sales of gem-set jewelry as a result of slumping consumer demand for higher-end jewelry pieces in Hong Kong and Macau.
In addition, sales of gold jewelry dropped by 21 percent. The decline was deep due to strong comparisons with the year before quarter when sales were robust.
Chow Tai Fook reported the opening of 55 new stores and one Hearts On Fire standalone store in Shanghai. However, it also closed five watch point-of-sale locations.
