Chow Sang Sang Profits Plunge
August 06, 20
(IDEX Online) - The Chinese jewelry retail chain Chow Sang Sang has warned that its first-half net profits for 2020 could fall by as much as 70 per cent.
Profits are expected to be down from $79.4m to $ 25.8m.
The COVID-19 pandemic forced it to close most of its 400 outlets in February, and they were only able to re-open the following month with limited hours.
The two-week quarantine also deterred foreign visitors.
Since then the company says it has cut costs, restructured its store network, negotiated rentals with landlords, and optimized inventory level in a bid to accelerate its recovery.