Chow Tai Fook Sales Slide During Covid-19 Wave

RAPAPORT... Chow Tai Fook's sales fell in the first fiscal quarter amid a resurgence of the coronavirus and a drop in tourism.Retail sales value across the group slipped 3.7% year on year for the three months ending June 30, the Hong Kong-based jeweler reported Tuesday. The figure dipped 2.8% in mainland China and 11% in Hong Kong, Macau and other markets.Sales were also lower due to an unfavorable comparison with the same period of 2021, when the economy had reopened after a long shutdown, according to the company, Asia's largest jewelry retailer.Same-store sales - at branches that had been open at least a year - plunged 19% on the mainland, Chow Tai Fook said. While sales recovered to a positive figure in June, that was not enough to offset the decline in April and May. In Hong Kong and Macau, sales slid 6%, as the health situation in China dented tourist traffic to Macau. A 34% decrease in same-store sales in Macau outweighed a 7% increase in Hong Kong, the company added.Image: A Chow Tai Fook experience store in Shenyang, China. (Chow Tai Fook)