Chow Tai Fook Jewellery quarterly retail sales drop 6%
Chow Tai Fook Jewellery Group Ltd, the world’s biggest jewellery retailer by market value, posted its smallest quarterly decline in retail sales since January-to-March last year as consumer sentiment showed signs of stabilising.
Retail sales fell 6 percent by value in the three months ended in June from a year earlier, Chow Tai Fook said late Thursday. Retail sales in Hong Kong and Macau dropped 16 percent while sales in China were flat.
Hong Kong’s retail sector has been hammered by slowing mainland tourist arrivals, tighter visa rules on residents from neighbouring Shenzhen and lower mainland import taxes on some goods. Street protests linked to unpopular electoral reforms also dampened sales. Tensions appeared to have eased after the city’s legislature last month vetoed the Beijing-backed electoral reform package.
Data last week showed sales of jewellery, watches and clocks in Hong Kong fell 14.9 percent by value in May, less than the 19.5 percent drop in April. Overall retail sales fell just 0.1 percent in May.