Luk Fook sees same-store sales drop in second quarter

Business | 18 Jul 2019 7:18 pm

Luk Fook Holdings (0590) saw its overall same-store sales fell 10 percent for the quarter from April 1 to June 30, with Hong Kong and Macau falling 10 percent and mainland falling 7 percent, as compared with overall same-store sales growing 26 percent for the same period last year.

Having a much higher base than Mainland China market in terms of gold products particularly, the same-store sales growth of Hong Kong and Macau market was down 10 percent. The SSSG of gold products and gem-set jewelry products were down 20 percent and up 6 percent respectively.

The favorable sales performance of lower-value items resulted in a double-digit drop in the average selling price of gem-set jewelry products in the Hong Kong and Macau market. However, due to the remarkable increase in sales volume, the SSSG of gem-set jewelry products still recorded positive growth given a high base.

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