19-10-2020
Chow Tai Fook’s revenue rises 2.6 percent in the second fiscal quarter, fueled by retail sales in mainland China soared 21.2 percent despite the sales in Hong Kong, Macau and other markets noted a 51.6 percent dive.
The group opened 261 new points of sale during the quarter in China and currently owns 4153 points of sale during the quarter including franchised outlets, China contributes 87.9 percent of the group’s total sales. “In light of the easing Covid-19 situation in Mainland China, business … showed an encouraging improvement and same-store sales rebounded,” said Chow Tai Fook chairman Henry Cheng Kar-Shun. Same-store sales in China climbed 11 percent.
Commenting on the ongoing sales slump in Hong Kong and Macau, he added: “Challenging macros and the closure of key border crossings weighed on the retail demand in Hong Kong and Macau during the quarter, yet same-store sales decline in Hong Kong and Macau narrowed to 46.4 per cent and 74.6 per cent, respectively,”
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