News

Advanced Search

China a Bright Spot as Luk Fook Sales Decline

Jan 18, 2017 8:40 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Luk Fook reported same-store sales fell 10 percent in the third fiscal quarter as a continued decline in its Hong Kong business outweighed improvements in mainland China.

Same-store sales slid 11 percent in Hong Kong versus a 5 percent increase in mainland China in the three months that ended December 31, the company said. Gold same-store sales dropped 11 percent across the group, while for gem-set jewelry the rate of decline was 4 percent. The figures only include retail sales at Luk Fook’s self-operated stores, which include 47 locations in Hong Kong, 10 in Macau and 129 in mainland China.

The drop in third-quarter sales was slower than that in the previous three months, when same-store sales had slumped 37 percent, with Hong Kong plummeting 39 percent and mainland China sales down 23 percent.

Luk Fook’s results mirror those reported by its peer Chow Tai Fook, which said market fundamentals stabilized after two years of double-digit declines. 

Image: Hpalsgm
Tags: China, China retail, Chow Tai Fook, Far East, Hong Kong, Luk Fook, macau, mainland china, Rapaport News, retail, self-operated stores
Similar Articles
Birks Group Vancouver storeBirks Slides During Holidays
Jan 15, 2018
Birks Group’s November and December sales declined 4% due to ongoing renovations at two flagship stores and
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.