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Luk Fook 2Q Same-Store Jewelry Sales -26%, HK/Macau -28%

Oct 18, 2015 5:43 AM   By Rapaport News
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RAPAPORT... Luk Fook Holdings, a Hong Kong-based jeweler, reported quarterly gem-set jewelry same-store sales slid 26 percent year on year in the second quarter that ended September 30, including a 28 percent fall in Hong Kong and Macau. However, revenue grew 13 per cent in Mainland China, the company said in a statement October 14.

Group-wide same-store sales dropped 6 percent compared with the same period in 2014. The company did not provide sales figures and said this performance was an improvement over the first quarter to June 30, when group-wide sales tumbled 18 percent.

Overall sales in Mainland China from all products rose 2 percent, while the Hong Kong and Macau business slipped 7 percent, according the statement. Luk Fook said Hong Kong and Macau showed an improvement in that the sales drop was only in the single figures, compared with a 19 per cent year-on-year decrease in the first quarter. It said the slide was mitigated by the surge in the same-store sales growth of gold products owing to the “mini gold-rush” in July and August of this year.

The statement did, however, highlight a “continuous decline in the same-store sales growth of the gem-set jewelry.”

The group said it had 148 self-operated stores as of September 30, including 85 in Mainland China, 48 in Hong Kong, 10 in Macau and five in other countries. The Hong Kong store count is down by one, while Mainland China gained five stores.
The company added 11 stores to bring the total to 1,263 licensed outlets in Mainland China. The total number of both types of shop worldwide is 1,412.
Tags: China, Earnings Results, Hong Kong, macau, Rapaport News
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