Chow Tai Fook Jewelery Group Ltd. unaudited data for the first fiscal quarter ended June 30, 2014. According to the company, sales for the reporting period fell by 32% on a year-on-year basis, Rapaport reports.
Sales in comparable stores fell by 40%, while in mainland China, sales revenue fell 28% on a year-on-year basis, while in Hong Kong, Macau and other Asian markets, sales fell by 50%.
According to Chow Tai Fook, the year-on-year drop in sales was due to the extremely high figures of the previous year, when gold jewelry demand sharply increased due to the decline in gold prices. Nevertheless, during the reporting period, the company saw an increase in sales of jewelery with precious stones by 2%.
For the first fiscal quarter, Chow Tai Fook opened 46 new outlets in mainland China, 4 - in Hong Kong, Macao and other Asian markets, so the total number of stores by June 30 reached 2,123.