News

Advanced Search

Low Gold Prices Buoy Luk Fook

Jan 17, 2022 5:50 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
 Sales at Luk Fook rose in the third fiscal quarter, reflecting not only a comparison with last year’s pandemic-induced slump, but also the positive impact of lower gold prices.
 
Group-wide same-store sales — at branches open for at least a year — jumped 45% year on year during the three months ending December 31, the Hong Kong-based jeweler reported last week.

Same-store sales in China grew 33%, with consumers purchasing gold jewelry as prices for the metal declined. Online sales on the mainland surged 51% during the period.

Meanwhile, same-store sales in Hong Kong and Macau climbed 41% compared to the year before, when tight border restrictions impacted tourism, which makes up a large part of the municipality’s market.

Sales of gold products rose 52% year on year overall, surging 58% in China and 45% in Hong Kong and Macau. Revenue from fixed-price jewelry gained 31% for the group as a whole. The category increased 35% in Hong Kong and Macau but fell 17% on the mainland.

During the quarter, Luk Fook added a net 155 shops in China, bringing its store count on the mainland to 2,683 as of December 31. In total, the jeweler has 2,757 locations.

Image: A Luk Fook store in Hong Kong. (Shutterstock)
Tags: China, Hong Kong, jeweler, Jewelry, Luk Fook, Rapaport News
Similar Articles
Watches of Switzerland Betteridge 140Watches of Switzerland Sales Surge
May 22, 2022
Watches of Switzerland reported strong sales growth in its fiscal fourth quarter, reflecting increased demand for
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 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.