Luk Food sees quarterly same-store sales slump

Thursday, October 17, 2019

Luk Fook (0590) said its overall same-store sales for the quarter ended September 30 slumped 37 percent over a year earlier, with that of Hong Kong and Macau falling 39 percent, marking the worst-performing month for both mainland and Hong Kong & Macau markets.

The overall same-store sales of gold products and gem-set jewelry products during the quarter plunged by 43 percent and 25 percent year-on-year, respectively, while that for mainland market also decreased 28 percent and 18 percent respectively.

The decrease was due to a relatively higher base, strong gold price, and the continuing impact of social incidents in Hong Kong and the US-China trade war on market sentiment, said the company.