BRIEF: Luk Fook’s revenue, same-store sales fall in March quarter
Jewelry store operator Luk Fook Holdings (International) Ltd. (0590.HK) said last Thursday its retailing revenue fell 1% in the three months to March year-on-year, while its same-store sales fell 10% during the period.
The company’s performance was weakest in Hong Kong and Macao, where retailing revenue slumped 11% year-on-year during the three-month period and same-store sales tumbled 14%. Its Mainland China operation performed better, with retailing revenue up 20% during the quarter and same-store sales up 2%.
The company reduced its network by 56 stores during the quarter, bringing its total to 3,287 by the end of March from 3,343 at the end of last September.
The Hong Kong Stock Exchange was closed last Friday and on Monday for the Easter holiday. Luk Fook’s shares are up 6.6% year-to-date.
By Doug Young
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