Chow Tai Fook succumbs to COVID-19 with its sales dipping in the Q4 due to sluggish consumer demand and store closures. While retail sales declined 41% in mainland China in the three months ending March 31, same-store sales dipped 50%, according to media reports. In Hong Kong and Macau, both retail sales and same-store sales decreased by 65% during the period. Due to volatility in gold prices, gold jewellery sales fell 54% on a same-store basis on the mainland and 67% in Hong Kong and Macau Same-store sales of gem-set jewellery dropped 64% in Hong Kong and Macau and 50% in mainland China.
CTF expects group revenue to fall 11% to 13% for the year, while profit will drop 7% to 9% as per unaudited reports for the 11 months ending February 29.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
