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Luk Fook Extends Quarterly Revenue Declines
Jul 18, 2016 4:45 AM
By Rapaport News
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 RAPAPORT... Luk Fook Holdings reported slump in sales continued in its first fiscal quarter due to a slowdown in Mainland China and sluggish retail sentiment in Hong Kong and Macau.
Group same-store sales at self-operated locations dropped 24 percent over the three months that ended March 31, weighed down by a 26 percent plunge in gold sales and a 19 percent slide in gem-set jewelry from a year ago.
The overall decline was, however, slower than in the fourth quarter even as the market in Mainland China experienced a steeper drop, with gem-set jewelry products starting to see a decline, Luk Fook noted.
In China, same-store sales retreated 24 percent, with gold down 29 percent and gem-set jewelry declining 8 percent. Same-store sales in Hong Kong and Macau dived 24 percent as gold sales plunged 25 percent and gem-set jewelry fell 20 percent.
The company opened 10 new self-operated stores during the quarter, taking its total count to 155 in Mainland China, 47 in Hong Kong, 10 in Macau and six in other overseas locations. Luk Fook also has 1,249 licensed shops in China and one in Korea, which were not included in the performance update.
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Tags:
China, diamonds, gems, Hong Kong, Jewelry, Luk Fook, Rapaport News
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