Covid, Again: Chow Tai Fook Sales Marks Negative Growth in Q1 2022
China’s biggest jeweler, Chow Tai Fook, has reported “a significant slowdown in growth” of its retail sales in Q1 2022 due to Covid-19, IDEX Online reports.
RSV (retail sales value) grew 8.5% in the quarter ending March 31, 2022, compared to 31.1% in the previous three months. The company blamed its negative SSSG (same store sales growth) in both Mainland China and Hong Kong and Macau on “the resurgence of the pandemic and a tough base.”
In other China and Covid-19 related news, Rough & Polished reports that the Shanghai Gold Price Benchmark in RMB and the LBMA Gold Price AM in USD climbed by 1.5% and 1.1% respectively in March, “ending Q1 with the strongest quarterly performances since Q2 2020.”