Luk Fook sales continue slide

Luk Fook sales tumbled 37 per cent during the latest quarter, following a 24 per cent drop in the previous quarter.

The jewellery group says the fall is the result of continuing sluggish retail sentiment, together with a relatively high base because of the “small-scale gold rush” in the same quarter last year and the relatively high gold price this quarter.

Same-store sales growth of gem-set jewellery products in the China, Hong Kong and Macau markets all narrowly declined, says the group, warning that the data has not yet been audited.

Luk Fook Holdings opened seven self-run shops during the quarter, ending September 30 – five in China, one in the Macau casino district and one in New York.

On the mainland, 20 licensed shops opened, taking the total to 1269. Of the 185 self-fun shops, 120 are in China, 47 in Hong Kong, 11 in Macau and seven overseas. There are 1455 Luk Fook shops worldwide, of which 1389 are in China and one (licensed) in South Korea.

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