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Luk Fook 1Q Same-Store Sales -18%
Jul 16, 2015 4:33 AM
By Ronen Shnidman
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RAPAPORT... Luk Fook Holdings, a Hong Kong-based jeweler, reported that group same-store sales dropped 18 percent year on year in the first quarter that ended June 30. The company did not provide sales figures and said weak consumer sentiment drove the decline. Weak performance in Hong Kong and Macau led to same-store sales plummeting 19 percent during the quarter, whereas comparable-store sales in Mainland China were flat.
Luk Fook's gem-set jewelry same-store sales dropped 18 percent across the group, with Hong Kong and Macau down 19 percent; however, they jumped 23 percent in Mainland China.
The group's overall same-store sales of gold products declined 18 percent during the quarter. In Mainland China, same-store gold sales dropped 7 percent and in Hong Kong and Macau, same-store gold sales plunged 20 percent. However, by volume, same-store sales of gold products increased 2 percent in Mainland China, while declining 13 percent in Hong Kong and Macau.
Luk Fook's store network operated 1,397 points-of-sale as of June 30, including 1,253 franchise stores.
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Tags:
franchise, gem-set jewelry, gold, Luk Fook, mainland china, Ronen Shnidman
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