TC

18/07/2019 17:30

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

   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.

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