By
Reuters
Reuters
Published
Jul 12, 2012
Jul 12, 2012
Jewellery retailer Chow Tai Fook falls 7 pct on weak sales
By
Reuters
Reuters
Published
Jul 12, 2012
Jul 12, 2012
Shares of Chow Tai Fook Jewellery Group Ltd fell more than seven percent to their lowest in more than a week after the world's biggest jewellery retailer posted weaker-than-expected same-store sales, blaming a slower economy.
![]() Photo: Chow Tai Fook |
The stock touched HK$9.63, its lowest since July 3, compared with a 1.75 percent decline in the benchmark Hang Seng Index as at 0254 GMT.
Chow Tai Fook, which posted a 61 percent rise in revenue for fiscal year ended in March, said late on Wednesday that its revenue grew 16 percent for the three months ended in June. Its overall same-store sales growth was 4 percent, up 10 percent in China but down one percent in Hong Kong and Macau because of lower sales of high-end gem-set jewellery.
Analysts said same-store sales growth was lower than the company's full year guidance of mid-teens and also weaker than market expected.
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