Chow Tai Fook Jewellery's Retail Sales Plunge 21% in Fiscal Q2

MT Newswires Live10-22

Chow Tai Fook Jewellery Group's (HKG:1929) retail sales value slumped 21% year over year for the three months ended Sept. 30, a Tuesday bourse filing said.

The jewelry company's retail sales in mainland China for its second fiscal quarter plummeted 19% from a year earlier, while those in Hong Kong, Macau, and other markets fell by 31%.

Same-store sales decreased by 24% in mainland China, while those in Hong Kong, Macau, and other markets plunged by 31%.

For the six months ended Sept. 30, the firm expects a 42% to 46% decline in net profit, with revenue likely to fall 18% to 22%.

Shares of the company closed over 3% higher on Tuesday.

Price (HKD): $7.28, Change: $+0.23, Percent Change: +3.26%

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