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Luk Fook Sees 1H Profit Plunging 40%
Nov 16, 2015 4:43 AM
By Rapaport News
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RAPAPORT... Luk
Fook Holdings’
profit will probably plummet about 40 percent as the Hong Kong-based retailer saw a decline
in sales amid rising costs in the first half of its calendar year.
Revenue from gem-set jewelry products will fall,
cutting gross margin, in the six months to September 30,
the
company said in its guidance before the release of full results November 30.
Rental
expenses
have increased relative to revenue and losses related to Hong Kong Resources
Holdings Company Limited and its subsidiary China Gold Silver Group, in which
Luk Fook owns a 50 percent stake, have grown, the statement said.
The company’s profit attributable to equity shareholders in the first half to September 2014 was $104 million. Revenue was $973 million.
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Tags:
Hong Kong, Luk Fook, Luk Fook Holdings, profit warnings, Rapaport News, retail
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