The Hong Kong-based jewelry company Luk Fook Holdings reported a 10% drop in retail sales growth in comparable stores in the fourth fiscal quarter that ended March 31, Rapaport reported. The company did not disclose sales figures, reporting a 1% increase in sales in mainland China and a 12% drop in sales in Hong Kong and Macao.
According to Luk Fook Holdings, sales of gold products in comparable stores fell by 15%. Sales in mainland China declined 3%, while sales in Hong Kong and Macau fell 19%. At the same time, sales in mainland China jumped by 26%, while in Hong Kong and Macau - fell by 1%.
Luk Fook said aggregate sales of jewelery with precious stones declined 2% year-on-year (23% growth in mainland China was accompanied by a 3% drop in sales in Hong Kong and Macau). By volume (number of jewelry sold), sales in comparable stores increased by 18% in mainland China and by 4% in Hong Kong and Macau.
As of March 31, Luk Fook Holdings owned 1,268 outlets, including 1,125 licensed stores in mainland China, as well as 143 own stores: 45 in Hong Kong, 10 in Macau, 83 in mainland China and 5 stores abroad.