The Hong Kong-based jewelry company Luk Fook Holdings reported revenue growth of 43% year-on-year to $ 2.478 billion (19.214 billion Hong Kong dollars) for the fiscal year ended March 31, 2014, Rapaport reports. The group's profit jumped 49.8% to $ 240.8 million (1.867 billion Hong Kong dollars). The growth of financial indicators is based on the surge in demand from tourists and the increase in sales of gold products.
Retail business Luk Fook remained the main driver of the group's sales growth. Retail sales jumped 48% to $ 2,085 billion (16.163 billion Hong Kong dollars) for the fiscal year, and accounted for 84% of the company's total revenue. Luk Fook's wholesale sales increased by 20% to $ 313.7 million (2.432 billion Hong Kong dollars).
By product categories, sales of platinum products increased by 53.6% (the share of revenues from platinum reached 67.2% of total sales). Sales of jewelery with precious stones increased by 26%, accounting for 33% of total sales.
Over the past fiscal year, Luk Fook has opened 186 new outlets, including 181 licensed stores. As of the end of the fiscal year, Luk Fook had 1,268 outlets in mainland China, Hong Kong, Macau, Singapore, the USA, Canada and Australia.