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Low Gold Prices Buoy Luk Fook
Jan 17, 2022 5:50 AM
By Rapaport News
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RAPAPORT... Sales at Luk Fook rose in the third fiscal quarter, reflecting not only a comparison with last year’s pandemic-induced slump, but also the positive impact of lower gold prices.
Group-wide same-store sales — at branches open for at least a year — jumped 45% year on year during the three months ending December 31, the Hong Kong-based jeweler reported last week.
Same-store sales in China grew 33%, with consumers purchasing gold jewelry as prices for the metal declined. Online sales on the mainland surged 51% during the period.
Meanwhile, same-store sales in Hong Kong and Macau climbed 41% compared to the year before, when tight border restrictions impacted tourism, which makes up a large part of the municipality’s market.
Sales of gold products rose 52% year on year overall, surging 58% in China and 45% in Hong Kong and Macau. Revenue from fixed-price jewelry gained 31% for the group as a whole. The category increased 35% in Hong Kong and Macau but fell 17% on the mainland.
During the quarter, Luk Fook added a net 155 shops in China, bringing its store count on the mainland to 2,683 as of December 31. In total, the jeweler has 2,757 locations.
Image: A Luk Fook store in Hong Kong. (Shutterstock)
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Tags:
China, Hong Kong, jeweler, Jewelry, Luk Fook, Rapaport News
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