BRIEF: Luk Fook reports strong September-quarter sales

0590.HK

Jewelry retailer Luk Fook Holdings (International) Ltd. (0590.HK) said on Tuesday its retail sales value rose 18% sequentially during its latest fiscal quarter through September, while its retailing revenue increased 15%, and same store sales grew 10%.

In Hong Kong, Macao and overseas markets, both retail sales value and retailing revenue rose 13% year-on-year during the latest quarter. In Mainland China, retail sales value rose 20% year-on-year. Additionally, same store sales in Hong Kong increased 10% sequentially, while those in Macao rose 15% and overseas markets grew 13%.

In Hong Kong, the average selling price for gold products rose 27% year-on-year to HK$16,000 ($2,059) from HK$12,600 in the September quarter, which is the company’s second fiscal quarter. For priced jewelry products, the average selling price increased 27% to HK$6,100 from HK$4,800.

Shares of Luk Fook opened down 0.6% at HK$25 on Wednesday. The stock is up over 90% from its 52-week low.

By Lau Chi Hang

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