By Clarence LeongChina Tourism Group Duty Free Corp. posted a 26% decline in first-half profit, as Covid-19 outbreaks in China dealt a heavy blow to operations. For the first six months, the Chinese retailer's net profit was 3.94 billion yuan ($582.6 million), compared with CNY5.36 billion a year earlier, it said in a filing Wednesday. China Tourism Group said its business was hit hard during the March-May period as Covid-19 spread across the country, disrupting logistics and causing customer footfall to plummet. But the company said store sales have recovered notably since late May thanks to the easing pandemic and government measures to stimulate consumption. Write to Clarence Leong at clarence.leong@wsj.com(END) Dow Jones NewswiresJuly 27, 2022 04:17 ET (08:17 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.

Source: Wall Street Journal July 27, 2022 08:29 UTC