New Covid Spike Hits Chow Tai Fook Sales
April 17, 22
(IDEX Online) - Chow Tai Fook reported a significant slowdown in growth of its retails sales, as the resurgence of Covid across China took its toll.
The country's biggest jeweler, with almost 6,000 outlets, said RSV (retail sales value) grew by 8.5 per cent in the quarter ending 31 March - compared to 31.1 per cent in the previous three months.
"During the fourth quarter, both Mainland China and Hong Kong and Macau recorded negative SSSG (same store sales growth) due to the resurgence of the pandemic and a tough base," the company said in unaudited key operational data.
"SSS (same store sales) dropped by 11.3 per cent year-on-year in the Mainland during the quarter, despite the fact that it was flat in the first two months of 2022."
New cases of Covid spiked during the month of March, with the seven day average rising from 330 to over 6,500. That rise has since accelerated, with almost 53,000 cases recorded on 15 April.