Beijing: Chow Tai Fook reported that group sales fell 10 percent year on year for the third quarter that ended on December 31, according to preliminary estimates that did not include hard totals. Same-store sales fell 18 percent, with a pronounced decline of 21 percent in Hong Kong and Macau and a 15 percent drop in Mainland China.

Gem-set jewelry sales fell 12 percent, which the company attributed to weak consumer demand for high-end jewelry in Hong Kong and Macau. Gold product sales declined 21 percent, in part due to difficult comparisons from very high demand one year ago.

Chow Tai Fook added 55 jewelry stores and one Hearts On Fire standalone store in Shanghai, while closing five watch point-of-sale locations. The company operated 2,243 points of sale as of December 31.