Chow Tai Fook Posts 10% Drop in Sales in Q3

Chinese jewelry manufacturing and retailing giant Chow Tai Fook posted a 10 percent decline on the year for its third fiscal quarter which ended on December 31.
The firm said that there was an 18-percent slump in same-store sales - which included a 21-percent drop in sales in Hong Kong and Macau and a 15 percent fall in Mainland China.
The retailer said that sales of gem-set jewelry dropped by 12 percent due to falling consumer demand for more expensive jewelry in Hong Kong and Macau.
Meanwhile, sales of gold jewelry and other items slumped by 21 percent, made even worse by strong comparisons a year ago.
The jewelry colossus said it opened 55 new stores and one Hearts On Fire standalone store in Shanghai. However, it also closed five watch point-of-sale locations.
As of the end of 2014, Chow Tai Fook operated 2,243 points of sale.