TC

18/07/2019 17:30

Luk Fook (00590) 1Q retail business SSSG down 10%

[ET Net News Agency, 18 July 2019] Luk Fook Holdings (International) Limited (00590)
said with a relatively higher base and the continuing impact of US-China trade war on
market sentiment, the SSSG of the group's retail business for 1Q FY2020 was -10%. The
overall SSSG of gold products and gem-set jewellery products were -19% and +4%
respectively.
Having a much higher base than mainland China market in terms of gold products
particularly, the SSSG of Hong Kong and Macao market for 1Q FY2020 was -10%. The SSSG of
gold products and gem-set jewellery products were -20% and +6% respectively. The
favourable sales performance of lower-value items resulted in a double-digit drop in the
average selling price of gem-set jewellery products. However, due to the remarkable
increase in sales volume, the SSSG of gem-set jewellery products still recorded positive
growth given a high base.
The SSSG of mainland China market for 1Q FY2020 was -7%, its SSSG of gold products and
gem-set jewellery products were -4% and -7% respectively. On the other hand, mainland
China licensed shops recorded a low single-digit same store sales growth. Its same store
sales of gold products and gem-set jewellery products were a low single-digit drop and a
low double-digit growth respectively. (RC)

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