News

Advanced Search

Luk Fook Extends Quarterly Revenue Declines

Jul 18, 2016 4:45 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
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. 
Tags: China, diamonds, gems, Hong Kong, Jewelry, Luk Fook, Rapaport News
Similar Articles
Birks 140Birks Sales, Profit Back on Track
Nov 23, 2021
Sales at Canada-based jewelry retailer Birks Group soared and the company returned to profitability in the first
NRF October 140US Retail Sales Jump as Holidays Start Early
Nov 17, 2021
US retail sales rose in October as consumers began holiday shopping earlier to avoid shortages amid supply-chain disruptions,
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.