Chow Tai Fook Jewellery Group Ltd said sales in major markets were adversely affected by the latest wave of Covid-19 cases, which dampened retail businesses and consumer sentiment. 

The company’s unaudited data for the fourth quarter of the fiscal year ending March 31, 2022 showed that China, Hong Kong and Macau saw declines in same-store sales. Sales in China dipped by 11.3 per cent year on year compared to a generally stable performance in the first two months of 2022. 

In Hong Kong and Macau, business fell by 21.9 per cent with Hong Kong sales down 39 per cent during the quarter. Macau however posted a 27.9 per cent growth in sales, thanks to a recovery in tourist spending and a more stable local consumption. 

Sales of gem-set, platinum and k-gold jewellery in China remained flat but openings of new stores helped prop up retail sales value by 15.8 per cent during the quarter. Hong Kong and Macau meanwhile saw a 43.4 per cent drop in sales of gem-set, platinum and k-gold jewellery. 

Retail sales value during the fourth quarter were up 8.5 per cent compared to a 31. 1 per cent increase in the third quarter.