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Chow Tai Fook’s sales up 2.6% y-o-y in Q2

23 october 2020
News
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Image credit: CTF (Facebook)

Chow Tai Fook Jewellery Group Limited (CTF) sales registered a positive growth of 2.6% for the second quarter that ended 30 September 2020, according to the company.
This is attributed to the revival of Mainland China outshone as against Hong Kong and Macau which faced the impact of Covid-19 and the prevalent unrest.
The retail demand in Hong Kong and Macau during Q2 was negatively impacted by border closing issues.
The same-store sales declined in Hong Kong and Macau narrowing to 46.4% and 74.6%, respectively.
Meanwhile, product categories like gem-set, platinum, and k-gold jewellery did well in Mainland China; while demand for gold jewellery registered a huge decline in both markets due to price volatility.
According to CTF, because of the easing in COVID-19 situation in Mainland China, business showed a vast improvement. Also, the company’s same-store sales recording a positive growth of 11.0% during Q2.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished


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