Pursuits
Chow Tai Fook Profit Drops 46% as China Slowdown Hits Sales
- Sees challenging Hong Kong and Macau markets in year ahead
- Same store sales in the two cities fell 21.7% in year to March
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Chow Tai Fook Jewellery Group Ltd., the world’s largest publicly traded jewelry chain, reported full-year profit declined 46 percent amid weak demand in Hong Kong and Macau as China’s economic slowdown hurt sales of luxury retailers and said outlook for the region remains challenging.
Net income fell to HK$2.94 billion ($379 million) for the year ended March 31, the jeweler said in a statement Tuesday. That compared with the HK$3.19 billion average of 11 analyst estimates compiled by Bloomberg. The Hong Kong-based retailer warned May 12 full-year profit fell as much as 50 percent.