Chow Tai Fook’s Q2 Sales Continue To Slide
China’s largest jewelry retailer by way of market price Chow Tai Fook has said its results for the second quarter ended June 30, which showed that declines in equal save income in China narrowed, though Hong Kong and Macau remained susceptible, according to a report on Reuters.com.
The business pointed out that a decline in vacationer numbers to Hong Kong and Macau became at the least partly accountable for a 22-% lower fall compared to the equal duration a 12 months previously. Mainland China, however, confirmed a sequential development in equal keep earnings.
“In view of the big market in China, we maintain our shop opening target of 50-60 stores in the existing fiscal year,” spoke of Chow Tai Fook managing director Kent Wong. He brought that the enterprise expects to close seven or eight Hong Kong outlets as rents remain excessive, the Hong Kong dollar, which is linked to the USA greenback remains robust, and earnings had been weakening amid stagnant purchaser sentiment.