News

Advanced Search

Luk Fook's 2Q Same-Store Sales -21%

Oct 19, 2014 7:34 AM   By Deena Taylor
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Luk Fook Holdings, a Hong Kong-based jeweler, reported that same-store sales dropped 21 percent year on year in the second quarter that ended on September 30. The company reported that same-store sales in Mainland China fell by 30 percent, while same-store sales declined 20 percent in Hong Kong and Macau.

Luk Fook did not provide full sales data.  The group's gold product same-store sales fell 28 percent during the quarter. In Mainland China, gold product same-store sales fell 38 percent while in Hong Kong and Macau the segment dropped 27 percent.  Luk Fook's gem-set jewelry same-store sales declined 6 percent. Jewelry same-store sales in Mainland China rose 14 percent but they fell 7 percent in Hong Kong and Macau.

The group had 1,333 points of sale as of September 30, which included 1,190 licensed stores in Mainland China and 143 self-operated stores consisting of 46 self-operated stores in Hong Kong, 10 stores in Macau, 82 shops in Mainland China and five overseas.

Additionally, Luk Fook reported that same-store sales for National Day Golden Week, which took place October 1 to 7,  rose 28 percent in Mainland China. Gold jewelry same-store sales rose 29 percent, while gem-set jewelry grew by 28 percent.

In Hong Kong, same-store sales during the holiday week grew 3 percent year on year. The company attributed the slight increase to relatively low gold prices, which spurred high demand for gold products. Gold jewelry same-store sales rose 13 percent, while gem-set jewelry same-store sales decreased 11 percent.

The company noted that while the "Occupy Central" protests in Hong Kong caused a disruption at some stores in certain districts, which was offset by a substantial growth in sales at stores shops in other districts as a result of customers switching their shopping locations.
Tags: Deena Taylor, gem-set jewelry, gold, Luk Fook, National Day Golden Week
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
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.