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Hong Kong Sales Boost Luk Fook

Jul 22, 2018 6:06 AM   By Rapaport News
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RAPAPORT... Luk Fook’s same-store sales increased 22% year on year in the first fiscal quarter, driven by a 26% rise in Hong Kong and Macau.

Same-store gold sales — at Luk Fook outlets open for more than a year — in Hong Kong and Macau jumped 34% in the three months ending June 30, while gem-set jewelry purchases climbed 19%. The jeweler released figures for sales at shops it operates itself, but excluded franchises.

This year, Luk Fook sold higher-priced items in its gem-set jewelry category than it had in the previous year, accounting for the category's boost in the Hong Kong market, the company said last week.

Overall same-store sales in mainland China declined 2%, with revenue from gold products falling 6%, while sales of gem-set jewelry rose 10% over the period.

At the end of the period, Luk Fook had 225 self-operated stores, of which 156 were in mainland China, 48 in Hong Kong, 10 in Macau and 11 in other locations. The retailer also has 1,439 licensed shops.

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Tags: Hong Kong, Luk Fook, Rapaport News
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