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Weak China Demand Hits Chow Tai Fook Revenue
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Weak China Demand Hits Chow Tai Fook Revenue
Sales at Chow Tai Fook fell in the first fiscal quarter, but less sharply than during the equivalent period last year. Group retail sales decreased 1.9% year on year for the three months that ended June 30, the Hong Kong-based jeweler reported Tuesday. Sales slid 3.3% in China, though they improved 8% in Hong Kong and Macau. Sales on the mainland comprised 86% of the group’s revenue, while Hong Kong and Macau made up 14%. Same-store sales — at…
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