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

Oct 19, 2014 7:34 AM   By Deena Taylor
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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
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