Chow Tai Fook Jewellery (CTF) said its retail sales value during the quarter ended June shrank by 20.2 percent from a year ago, with that of Hong Kong, Macau and other markets, which accounted for 11.4 percent of the total, plunging 69 percent year-on-year.
CTF said that the Retail sales value from the mainland China market took up 88.6 percent of the total figure, and went up by only 0.1 percent from a year ago.
The same-store sales decline in the mainland narrowed to 11.2 percent year-on-year last month as business resumed, but Hong Kong and Macau recorded a SSS decline of 72.5 percent and 93.2 percent, respectively.
CTF operated a total of 3,896 stores as of the end of June, with a net addition of 49 stores in the mainland and a net closure of three stores in Hong Kong during the quarter.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
Source: Rough Polished 20-7-2020
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