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Luk Fook's 4Q Same-Store Sales -10%

Apr 17, 2014 5:08 AM   By Deena Taylor
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RAPAPORT... Hong Kong-based jeweler Luk Fook Holdings reported that group same-store sales growth at its retail business dropped 10 percent year on year in the fourth quarter that ended on March 31. Without providing hard totals, the company reported same-store sales growth in Mainland China rose by 1 percent, while comparable-store sales declined 12 percent in Hong Kong and Macau.

The group's gold product same-store sales growth fell 15 percent during the quarter. In Mainland China, gold product sales fell 3 percent; however,  in Hong Kong and Macau the segment dropped 19 percent. By volume, same-store sales growth of gold products by weight for the mainland market rose 26 percent and declined by 1 percent in Hong Kong and Macau.

Luk Fook's overall gem-set jewelry sales declined 2 percent. Jewelry sales in Mainland Chine rose 23 percent but they fell  3 percent in Hong Kong and Macau. By volume, same -store sales growth for gem-set jewelry by number of pieces rose 18 percent for Mainland China and increased 4 percent in Hong Kong and Macau.

The group had 1,268 points of sale as of March 31, which included 1,125 licensed stores in Mainland China and 143 self-operated stores consisting of 45 self-operated stores in Hong Kong, 10 stores in Macau, 83 shops in Mainland China and five overseas.
Tags: Deena Taylor, gem-set jewelry, gold, Luk Fook Holdings
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