RAPAPORT... Luk Fook Holdings, a Hong Kong-based jeweler, reported that group same-store sales dropped 20 percent year on year in the fourth quarter that ended on March 31. The company noted the decline was influenced by the devaluation of a number of currencies against the U.S. dollar, which drove consumers to spend in other regions, coupled with dampened consumer sentiment in Mainland China due to slowing economic growth.
Still, the company's same-store sales in Mainland China fell only 5 percent, while comparable-store sales in Hong Kong and Macau plummeted 22 percent.
The group's gold product same-store sales fell 21 percent during the quarter. In Mainland China, gold product same-store sales fell 10 percent and in Hong Kong and Macau the segment dropped 22 percent. By volume, same-store sales of gold products decreased 5 percent in Mainland China and by 18 percent in Hong Kong and Macau.
Luk Fook's gem-set jewelry same-store sales dropped 20 percent, with gem-set jewelry comparable-store sales in Mainland China increasing 11 percent, but those in Hong Kong and Macau they dropped 22 percent.
The group operated 1,383 points of sale as of March 31, including 1,241 licensed stores in Mainland China and one store in Korea, 142 self-operated stores consisting of 48 self-operated stores in Hong Kong, 10 stores in Macau, 79 shops in Mainland China and five overseas.
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