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Gem-Set Jewelry Beats Gold in Slower 4Q for Luk Fook
Apr 17, 2016 9:48 AM
By Rapaport News
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RAPAPORT... Luk Fook reported quarterly same-store retail sales extended
a decline, slumping 27 percent, because of a “sluggish” consumer sentiment in Greater
China.
Revenue from Hong Kong and Macau dived 28 percent in the fourth
fiscal quarter that ended March 31, mirroring the performance of peers such as
Chow Tai Fook. Sales from mainland China fell at a slower pace, sliding 19
percent, as a 4-percent increase in gem-set jewelry revenue reduced the speed
of decline. Same-store sales declined 25 percent in the previous quarter.
Across the group’s retail business, gem-set sales retreated 25
percent but performed better than gold, which plummeted 28 percent. The drops
come despite an addition of 9 self-operated shops during the quarter and a net gain of eight stores when licensed shops are included.
The news comes after another Hong Kong-based retailer Chow
Tai Fook also reported same-store sales in the three months to March dropped 26
percent.
China’s gross domestic product grew 6.7 percent year on year
in the first quarter, the slowest rate of growth since the first quarter of
2009, according to a Financial Times report.
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Tags:
China, Hong Kong, Jewelry, Luk Fook, Rapaport News, retail
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