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Luk Fook Sales Decline Steepens
Oct 27, 2016 4:39 AM
By Rapaport News
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RAPAPORT... Luk Fook’s same-store retail sales accelerated
their quarterly decline to 37 percent as gold sales
plummeted from a high base amid “sluggish” consumer sentiment.
Sales of the yellow metal by the retailer slumped 47 percent
in the second fiscal quarter that ended September 30, weighed down by the negative base
effect of the “small-scale gold rush” a year ago and the relatively high price
this quarter. Revenue from gold dropped 49 percent in Hong Kong and Macau,
compared with a 30 percent slide in Mainland China.
Total gem-set jewelry sales fell 14 percent, with revenue
slipping 3 percent in Mainland China and 14 percent in Hong Kong and Macau.
Overall same-store retail sales slid 23 percent in Mainland
China and 39 percent in Hong Kong and Macau. The 37 percent group-wide decline
follows a 24
percent drop in sales in the first fiscal quarter. The slump in same-store revenue
growth for gem-set jewelry was, however, narrower, Luk Fook said.
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Tags:
gold, Hong Kong, Jewelry, Luk Fook, macau, mainland china, Rapaport News, RetailChina
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