HONG KONG — Chow Tai Fook, the largest jeweler in China, said Thursday that net profit for the six month period ending in September declined by 33 percent due to slower sales in China, losses from gold hedging and higher operating costs.
The company posted a net profit of 1.82 billion Hong Kong dollars, or $234 million, down from 2.69 billion Hong Kong dollars, or $347 million, a year ago. Revenue rose 6.5 percent to 25.44 billion, or $3.28 billion, fueled by the jeweler’s growing retail network. Overall same store sales declined by 1.7 percent as weak consumer sentiment in Hong Kong, Macau and Taiwan slowed sales and caused a 6.3 percent drop in same store sales.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)