Bloomberg

(Bloomberg) -- Chow Tai Fook Jewellery Group Ltd., the world’s largest publicly traded jewelry chain, reported full-year profit declined 46 percent amid weak demand in Hong Kong and Macau as China’s economic slowdown hurt sales of luxury retailers.

Net income fell to HK$2.94 billion ($378 million) for the year ended March 31, the jeweler said in a statement Tuesday. That compared with the HK$3.19 billion average of 11 analyst estimates compiled by Bloomberg. The Hong Kong-based retailer warned May 12 its full-year profit fell as much as 50 percent.

To contact the reporter on this story: Daniela Wei in Hong Kong at jwei74@bloomberg.net. To contact the editors responsible for this story: K. Oanh Ha at oha3@bloomberg.net, Daryl Loo

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