Poor quarterly results sent shares in Chow Tai Fook, the world’s largest jewellery retailer by market value, down almost 9 per cent in Hong Kong yesterday, deepening a sector-wide slump as China’s slowing economy saps luxury demand.
The chain said same-store sales in Hong Kong and Macau, where it generates about half its revenue, fell 1 per cent year on year in the April-June quarter.
In mainland China, where the Hong Kong group aims to open 2,000 outlets by 2014, same-store sales growth was 10 per cent.
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