Luk Fook Reports Sharp Drop in Sales in HK/Macau

Luk Fook Holdings Ltd. reported poor results for its same-store sales at its operations during the Chinese New Year holiday with a decline of 21 percent on the year overall.

Meanwhile, same-store sales for gold plunged 29 percent on the year, and sales of gem-set jewelry dropped by 10 percent.

In Hong Kong and Macau, same-store sales dropped by 25 percent, with gold jewelry sales plunging 34 percent and gem-set jewelry down 14 percent.

There were bright results in Mainland China, however, with same-store sales jumping 15 percent and same-store sales of gold rising 3 percent.

Sales of gem-set jewelry surged 65 percent.