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Hong Kong Tourism Fuels Luk Fook Growth

Apr 23, 2018 5:34 AM   By Rapaport News
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RAPAPORT... Luk Fook saw a strong increase in its performance in the fourth fiscal quarter amid improved sentiment and a higher rate of tourism to Hong Kong. 

Same-store sales for all categories rose 16% year on year for the three months ending March 31, the Hong Kong-based jewelry retailer said last week. 

Sales in Hong Kong and Macau were up 18% on a same-store basis, outweighing mainland China, which saw a 2% decrease. The retailer also benefited from higher gold prices, it said.

Same-store revenue growth “was better than expected and represented a substantial improvement when compared to the 1% growth of the last quarter,” the company said. 

Gold sales increased 16%, while gem-set jewelry sales climbed 18% for the three months ending March 31. 

At the end of the period, the jeweler had 225 self-operated stores, of which 157 were in mainland China, 48 in Hong Kong, 10 in Macau and 10 in other locations. The jeweler has a total of 1,404 licensed shops.

Image: Hpalsgm
Tags: gem-set jewelry, Gold jewelry, Luk Fook, Rapaport News
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