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  • Luk Fook Holdings Posts Double-digit Growth In Q2, Eyes Expansion In Mainland China

    Luk Fook Holdings Posts Double-digit Growth In Q2, Eyes Expansion In Mainland China

    In the second quarter ending September 30, Luk Fook Holdings, a prominent jewelry group, has revealed impressive double-digit growth in several critical indicators.

    Retail Sales Value on the Rise

    The group recorded an 18% year-on-year increase in Retail Sales Value (RSV) during the quarter. RSV, which encompasses self-operated shops, licensed outlets, and e-commerce ventures, saw a significant upturn.

    Retail revenue, made up of earnings from self-operated stores and e-commerce businesses, escalated by 15%. Concurrently, the group also experienced a 10% rise in same-store sales. The management attributed this robust growth, which surpassed the first quarter’s figures, partly to the low base during the same period the previous year.

    Regional Sales Growth

    In the Hong Kong, Macau, and overseas markets, the group noted a 13% increase in both RSV and retail revenues. Same-store sales grew by 13% in Hong Kong, 15% in Macau, and 13% in overseas markets.

    In Mainland China, the RSV surged by 20%, and retailing revenues swelled by 23%. The increment in same-store sales at company-operated locations was a modest 3%, while licensed shops saw a leap of 27%. Licensed stores constitute approximately 93% of the group’s total shop count in Mainland China.

    Performance by Category

    RSV’s growth varied across different categories. The value rose by 78% for gold and platinum products, increased by 16% for fixed-price gold items, and crept up by 3% for diamonds.

    As of September 30, the group had 3113 shops worldwide. There was a net reduction of 49 shops in the second quarter.

    Future Prospects

    The group maintains a cautiously optimistic outlook on its medium- and long-term business opportunities in Mainland China and plans to continue expanding in the market when the timing is right.

    Despite the ongoing US tariff policies affecting the global economy and the escalating China-US tensions, the Mainland government has implemented a “dual circulation” strategic layout to stimulate domestic demand, as observed by the retailer.

    Questions & Answers

    What was the percentage increase in Luk Fook Holdings’ Retail Sales Value (RSV) in Q2?
    It saw an 18% year-on-year increase in RSV during Q2.

    What contributed to the robust growth Luk Fook Holdings experienced in Q2?
    The growth can be attributed to the low base during the same period the previous year and the increase in both RSV and retail revenues in several markets.

    What is Luk Fook Holdings’ future plan for expansion in Mainland China?
    The group plans to continue expanding in the Mainland China market when the timing is appropriate, with a cautiously optimistic outlook on its medium- and long-term business opportunities.

  • Luk Fook sales drop 10 per cent in latest quarter

    Luk Fook sales drop 10 per cent in latest quarter

    Luk Fook sales in the third quarter fell 10 per cent on a same-store basis. “Recent market sentiment has been adversely impacted by the US-China trade war, the depreciation of Renminbi, and downward pressure in the stock and property markets,” said chairman Wai Sheung Wong ina  stock exchange filing. Luk Fook says same-store sales of gold products fell by 9 per cent and of gem-set jewellery by 8 per cent.

    The company’s disappointing figures come in the same week as rival jeweller Chow Tai Fook reported an 11 per cent decline in sales across Mainland China, Hong Kong and Macau.

    Wong said the Renminbi’s depreciation led to higher tendency for customers to purchase lower-value items, resulting in a double-digit drop in the average selling price of gem-set jewellery products.

    Same-store Luk Fook sales in Mainland China fell by 14 per cent, with gold products down 16 per cent and gem-set jewellery down 5 per cent.

    As at December 31 the company operated 221 of its own Lukfook stores, including 150 on the mainland, 49 in Hong Kong, 11 in Macau and 11 overseas. It supplied 1573 licensed shops on the mainland, one in Cambodia and one in the Philippines, making a total of 1796 worldwide.

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  • Luk Fook’s retail revenue falls in third quarter

    Luk Fook’s retail revenue falls in third quarter

    Luk Fook posted lower retail revenue in the fiscal third quarter as high gold prices continued to weaken consumer sentiment.

    The group’s retail revenue fell 9 percent as Hong Kong and Macau plunged 20 percent and Mainland China soared 27 percent.

    Overall same-store sales plummeted 22 percent, with Hong Kong and Macau decreasing 24 percent and Mainland China falling 11 percent.

    In terms of products, same-store sales of gold fell 26 percent while fixed-price jewelry slid 7 percent.

    During the three months ended March 31, the group saw a net decrease of 65 shops.

    Moving forward, the company plans to actively promote non-diamond fixed price jewellery products as demand for diamond products remains weak.

    The company also anticipates sales of gold products to resume to normal levels after consumers adapt to high gold prices.

    Luk Fook targets to allocate more resources for expansion and add about 15 shops in the overseas markets in the current financial year.

    The company forecasts business performance to improve in the second half.

  • Luk Fook to add 500 stores this year and expand online

    Luk Fook to add 500 stores this year and expand online

    Hong Kong jeweler Luk Fook’s revenue and profit rose by around 30% to 40% for the full fiscal year that ended March 31, the company estimated.

    A low base of comparison with the previous year — which saw pandemic-related restrictions — is responsible for the increase during the period, Luk Fook said last week. In fiscal 2021, business in China was weak, and Hong Kong and Macau were on lockdown.

    The company’s expansion in mainland China, strong sales of gold products, and the easing of restrictions in Hong Kong and Macau also buoyed sales, it explained.

    The retailer saw an “encouraging recovery of retail atmosphere in the first three quarters of the year,” it noted.

    Reports from other Hong Kong-based jewelers indicated that the fourth quarter of fiscal 2022 and the start of the 2023 financial year had been challenging. Tse Sui Luen said sales had plunged sharply during the period amid the fifth wave of the pandemic, while Chow Tai Fook reported a 13% drop in the first two months of the current fiscal year.

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  • Luk Fook warns of heavy sales decline in June

    Luk Fook warns of heavy sales decline in June

    Jeweler Luk Fook Holdings has warned shareholders of a “substantial decline” in both sales and profit for the June quarter. Revenue for the Hong Kong-headquartered company was down 60 percent year on year for the three months, with profit down by around 80 per cent.

    However, CEO Wai Sheung Wong said there are signs of improvement since June in Mainland China, if not at home.

    “The overall same-store sales of all shops including self-operated and licensed shops in Mainland China in July improved progressively with narrowed decline as compared to the low double-digit drop in June.”

    In Hong Kong and Macau however, July sales were affected by the unstable outbreak, the decline widening from June’s 60-per-cent drop.

    “Therefore, the group’s overall trend of revenue and profit for the period from July to Sep

  • Luk Fook to close five Hong Kong stores as sales continue to fall

    Luk Fook to close five Hong Kong stores as sales continue to fall

    Luk Fook Holdings has reported a 71-per-cent plunge in first-quarter same-store sales due to the impact of Covid-19 on tourist numbers traveling to Hong Kong.

    However, the company said that entering June, as retail sentiment in Hong Kong and on the mainland gradually improved, the overall same-store sales decline of the company’s self-operated shops narrowed from 76 percent in April and May to 58 percent in June.

    With little likelihood of a quick return of mainland Chinese shoppers into Hong Kong, Luk Fook says it will close about five stores in the territory by the end of this year, which would leave it with 44. However, it plans to open two more in Macau and remains on target to open 150 more on the mainland.

    “The sales decline in the mainland market was lower than the Hong Kong and Macau market as most of the shops in Mainland resumed operations during the quarter and the consumer sentiments recovered gradually,” the company said in a stock-exchange filing.

    Same-store sales at self-operated Lukfook stores on the mainland slumped by 43 percent in April and May but by a lesser 32 percent in June.

    Licensed Lukfook shops, which account for around 95 percent of the company’s mainland network, recorded a lower same-store sales decline of 19 percent compared to that of the self-operated shops, which were mostly located in Northern China and Central China which were more severely impacted by the pandemic during the quarter.

  • Jeweller Luk Fook sees early signs of recovery in Hong Kong retail

    Jeweller Luk Fook sees early signs of recovery in Hong Kong retail

    Hong Kong-listed jeweler Luk Fook has reported early signs of a recovery in the Hong Kong market this month, despite the border with Mainland China effectively-remaining closed to visitors.

    In April and May, with tourist numbers to Hong Kong and Macau at a record low due to Covid-19 related travel restrictions, sales fell by about 80 percent, although same-store sales in mainland stores recorded “a much smaller decline” as retail stores resumed business and consumer sentiment began to recover.

    “Starting from June, the retail sentiment in the Hong Kong and Macau market gradually recovered,” said chairman and CEO Wai Sheung Wong in a commentary on the groups’ annual results filed Friday.

    “The decline of same-store sales in the first three weeks narrowed to around 60 percent, while overall shops in the mainland market showed progressive improvements with a less than 20-per-cent decline in June as compared to the 20-per-cent drop in April to May and 40-per-cent drop in March.”

    As a result of Hong Kong’s declining retail market, Luk Fook will close five stores in the city during the coming year and look for opportunities to open two in Macau.

    “In view of the anticipated considerable growth of the middle-class population in the mainland, the group remains optimistic about the mid- to long-term business prospects, and will focus its expansion in the mainland market,” said Wong.

    Due to the crippling impact of protests and Covid-19 on Hong Kong retail in the year to March and the pandemic along with the trade war impacting consumer sentiment among mainlanders, Luk Fook achieved a profit attributable to shareholders down 42 percent to US$111.7 million for the year.

    Sales declined by 29.2 percent to $1.445 billion, with Hong Kong and Macau same-store revenue down by 33.3 percent and on the mainland by 20.2 percent. However, a steady rise in the price of gold throughout the year saw the company’s gross margin increase by 4.2 percentage points to 29.6 percent.

    Network expansion

    During last year, Luk Fook added a net 234 Lukfook-branded shops – 233 on the mainland, and one licensed store in the Philippines – taking its global network to 2120. Outside Greater China, Luk Fook has stores in Singapore, Malaysia, Cambodia, the Philippines, the US, Canada and Australia.

    The company says it plans to open at least 150 new stores under the Lukfook brand on the mainland this year, primarily targeting licensed shops in tier-4 and tier-5 cities, and another 50 under other brands.

    Besides jewelry, the company is now an authorized dealer of 13 international mid- to high-end watch brands: Certina, Coinwatch, Doxa, Enicar, Hamilton, Longines, Mido, Omega, Rado, Romago Swiss, Tissot, Bijoumontre and Seiko.  Last year, the watch business accounted for $12.86 million in sales, down 39.8 percent on the prior year.

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  • Luk Fook sales down as Covid-19 throttles tourism

    Luk Fook sales down as Covid-19 throttles tourism

    Hong Kong-listed jeweler Luk Fook says its March-quarter same-store sales plunged 57 percent as the Covid-19 outbreak saw the mainland border closed and tourist numbers fall to almost zero.

    Sales of gem-set jewelry were down by 64 percent year on year, and of gold (by weight) by 58 percent.

    The sales decline was worst in Hong Kong and Macau, falling by 60 percent overall due to Macau stores being closed for most of February and March, and low footfall in Hong Kong. The only positive note was that the gold price rose by about 20 percent during the quarter which boosted the average selling price of gem-set jewelry by a similar amount.

    Sales at self-operated stores on the mainland were down by 41 percent and of licensed stores by 32 percent. Most of Luk Fook’s stores on the mainland were closed for the entire month of February and while most reopened in March, the company said foot traffic “largely declined”.

    During the March quarter, Luk Fook permanently closed two stores in Hong Kong and one in Macau. On the mainland it opened a net 26 new stores taking its network to 2046.

    “Given most of the new shops were opened before the outbreak, the expansion plan for FY2020 therefore has not been seriously affected,” the company said in a stock-exchange filing.

    “The net shop addition for the full year was 287 shops, slightly below the target of 300 shops. With the gradual recovery of industrial, consumption and investment activities in Mainland China, the group’s business [on the mainland] improved progressively in the first two weeks of April, while the business in Hong Kong and Macau has not shown obvious signs of recovery due to substantial decline in the number of visitors as compared with the same period last year.”

    To reduce costs during the ongoing pandemic, Luk Fook has adopted a policy of natural turnover and unpaid leave measures for staff to cut labor costs, and negotiated rent relief with landlords. A reduced inventory has left the company in a strong cash position.

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  • Luk Fook sales plummet by half in first two months of 2020

    Luk Fook sales plummet by half in first two months of 2020

    Hong Kong jeweler Luk Fook says its sales halved during the first two months of this year as the coronavirus outbreak caused an extensive lockdown of mainland Chinese cities and visitors to Hong Kong and Macau fell sharply.

    While most mainland stores have reopened this month, customer footfall of the shops operating in Mainland China, Hong Kong and Macau was “still sparse” said chairman and CEO Wai Sheung Wong in a profit warning. “It is expected to take some time for the business to resume normal.

    “Therefore … there will be an acute drop in revenue for the period from January to March. It is therefore highly likely that certain losses will be incurred in the fourth quarter. It may lead to a substantial decline in the group’s revenue and profit for the financial year ending March 31.”

    With Macau stores closed for most of February, sales in the combined Hong Kong and Macau market decreased by more than 50 percent.

    “Economic activities in Mainland China were almost halted due to the outbreak,” said Wong. “In the first two months of this year, industry, consumption and investment all hit record low with the double-digit decline, crashing the macro-economy severely.”

    Group-wide, same-store sales of gold products and gem-set jewelry products in Luk Fook’s own stores were down by 45 percent and 54.9 percent, respectively. In Hong Kong and Macau overall sales were down by 52.8 percent, with gold products down by 47.3 percent and gem-set jewelry products by 58 percent.

    On the mainland, where shops were closed in February, same-store sales fell by 37.1 percent. Gold sales were down by 38.6 percent and gem-set jewelry sales by 31.8 percent.

    Retail sales through licensed shops and self-operated shops of the group in Mainland China fell by half.

    During the pandemic, the company has not replaced staff leaving of their own accord and introduced leave without pay to reduce staffing costs. It has also negotiated rent reductions with landlords.

    Expansion plan on track

    Despite the huge impact of the coronavirus on sales, Luk Fook remains committed to its expansion plan which Wong said “has not been seriously affected”.

    “It is estimated that the net shop additions for the current financial year would only be a bit less than the target of 300 shops. In addition, the group’s unaudited revenue and profit for the period for the nine months ended December 31 were about 60 percent and 55 percent respectively ahead of those for the year ended March 31, last year.”

    He said fourth-quarter operational data will be released in mid April.

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  • Luk Fook sales plummet by half in first two months of 2020

    Luk Fook sales plummet by half in first two months of 2020

    Hong Kong jeweler Luk Fook says its sales halved during the first two months of this year as the coronavirus outbreak caused an extensive lockdown of mainland Chinese cities and visitors to Hong Kong and Macau fell sharply.

    While most mainland stores have reopened this month, customer footfall of the shops operating in Mainland China, Hong Kong and Macau was “still sparse” said chairman and CEO Sheung Wong in a profit warning. “It is expected to take some time for the business to resume normal.

    “Therefore … there will be an acute drop in revenue for the period from January to March. It is therefore highly likely that certain losses will be incurred in the fourth quarter. It may lead to a substantial decline in the group’s revenue and profit for the financial year ending March 31.”

    With Macau stores closed for most of February, sales in the combined Hong Kong and Macau market decreased by more than 50 percent.

    “Economic activities in Mainland China were almost halted due to the outbreak,” said Wong. “In the first two months of this year, industry, consumption and investment all hit record low with the double-digit decline, crashing the macro-economy severely.”

    Group-wide, same-store sales of gold products and gem-set jewelry products in Luk Fook’s own stores were down by 45 percent and 54.9 percent, respectively. In Hong Kong and Macau overall sales were down by 52.8 percent, with gold products down by 47.3 percent and gem-set jewelry products by 58 percent.

    On the mainland, where shops were closed in February, same-store sales fell by 37.1 percent. Gold sales were down by 38.6 percent and gem-set jewelry sales by 31.8 percent.

    Retail sales through licensed shops and self-operated shops of the group in Mainland China fell by half.

    During the pandemic, the company has not replaced staff leaving of their own accord and introduced leave without pay to reduce staffing costs. It has also negotiated rent reductions with landlords.

    Expansion plan on track

    Despite the huge impact of the coronavirus on sales, Luk Fook remains committed to its expansion plan which Wong said “has not been seriously affected”.

    “It is estimated that the net shop additions for the current financial year would only be a bit less than the target of 300 shops. In addition, the group’s unaudited revenue and profit for the period for the nine months ended December 31 were about 60 percent and 55 percent respectively ahead of those for the year ended March 31, last year.”

    He said fourth-quarter operational data will be released in mid-April.

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  • Luk Fook upbeat despite plans to trim Hong Kong store network

    Luk Fook upbeat despite plans to trim Hong Kong store network

    Hong Kong-headquartered Luk Fook group has followed its archrival Chow Tai Fook in revealing plans to shutter stores in the territory’s tourist areas – but it sees growth opportunities in Macau.

    “The group will reduce the number of shops in areas which are considerably impacted by the social incidents in Hong Kong, and search for opportunities for opening new shops in Macau market,” chairman Wai Sheung Wong advised shareholders in a stock exchange filing.

    However, unlike Chow Tai Fook, which plans to close about 15 stores in Hong Kong when leases come up for renewal from this coming April, Luk Fook still expects to achieve a net gain of three stores this financial year in Hong Kong and Macau.

    “Rental renewal depends very much on whether profit is expected for the relevant shop under new rental,” said Wong. “A single-digit drop in the rental renewal is predicted for the current financial year and a double-digit drop for the next financial year.”

    The continuing impact of the strong gold price, US-China trade war and social incidents in

    Hong Kong on market sentiment saw same-store sales for the jeweler fall by 25 percent during the December quarter. Same-store sales of gold products fell by 20 percent and of gem-set jewelry by 32 percent.

    On a positive note, the overall decline eased when compared to the previous quarter. Sales in Hong Kong and on the mainland fell by a lower rate than in the September quarter, while the Macau market returned to growth since October. Sales in Hong Kong and Macau fell by 27 percent, which the group attributed to a high gold price and a “substantial decline” in the number of visitors to Hong Kong contributed by the recent ongoing social activities.

    In the first two weeks of January, the same-store sales decline gradually narrowed in Hong Kong and there was continued growth momentum in Macau.

    Luk Fook has responded to falling sales by reducing staff, however this has been achieved by natural turnover without the need for a redundancy scheme.

    As of December 31, the group had 1969 Lukfook shops, 45 Goldstyle shops, three Dear Q stores and three 3D-Gold shops operating on the mainland – 2020 in all.

    “Apart from actively seeking expansion opportunities in Macau, the group will also speed up expansion in Mainland, with the target of at least 300 net shop additions there for the 2020 financial year, most of which would be licensed shops at low-tier cities,” said Wong.

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  • Luk Fook sales down with 20 percent

    Luk Fook sales down with 20 percent

    Hong Kong-listed jeweler Luk Fook sales slumped 19.8 percent in the September half as protests, the trade war, and the Renminbi’s value kept mainland tourists away, and the high gold price muted demand.

    The company reported sales of HK$6.3 billion (US$804.86 million) and profit attributable to shareholders of $496 million, down by 25.4 percent.

    Same-store sales in Hong Kong fell by 24.9 percent during the half-year and in Macau by 15.7 percent.

    Luk Fook ended the half with a net addition of 129 stores, taking its global network to 1957 stores.

    Chairman and CEO Wai Sheung Wong said that given the impact of protests on Hong Kong sales, the high gold prices and the impact of the Sino-US trade war on consumer confidence, the group does not expect trading conditions to improve during the second half. He projected a double-digit drop in annual revenue and profit.

    “The group will reduce the number of shops in areas which are considerably impacted by the social incidents in Hong Kong, and search for opportunities for opening new shops in Macau market. [We] expect to have three net shop additions in Hong Kong and Macau,” he said. Luk Fook will also be looking abroad for opportunities, including on the mainland.

    “In view of the anticipated considerable growth of the middle-class population in Mainland China, the group remains optimistic about the mid- to long-term business prospects, and looks forward to bringing its business to a new height in the near future.”

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  • Luk Fook sales plunge in Hong Kong

    Luk Fook sales plunge in Hong Kong

    Jeweler Luk Fook Holdings has revealed its September-quarter Hong Kong sales plunged 39 percent, dragging group-wide sales down by 37 percent.

    Chairman and CEO Wai Sheung Wong said in a stock-exchange filing that the decline was the result of high gold price and a strong comparative quarter last year “together with a substantial decline in the number of visitors to Hong Kong due to the recent ongoing social activities”.

    Group-wide same-store sales of gold products were down 43 percent (46 percent in Hong Kong) and of gem-set jewelry by 25 percent.

    He said August was the worst-performing month for the overall same-store sales in both the Mainland China and Hong Kong & Macau markets, due to the high comparative base. However, that was also the worst month of retail sales in recent years due to protest activities shutting down Hong Kong’s airport.

    “Same-store sales in the first two weeks of October further declined due to [the] widened drop in the number of visitors to Hong Kong.”

    Wong said Luk Fook has adopted natural turnover as a cost-saving measure for staff costs without any redundancy scheme so as to ride out the storm together with employees, meaning departing staff is not replaced.

    “At the same time, the group is also proactively negotiating with all landlords in Hong Kong for rental reduction. Rental renewal depends very much on whether the relevant shop is still profitable under new rental. A single-digit drop in the rental renewal is expected for the year and a double-digit drop is expected for the next financial year,” he said.

    Mainland China sales were down 25 percent, largely due to the high gold price and the macro-economic downturn in connection with the US-China trade war.

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  • Luk Fook sales drop 10 per cent as trade war bites

    Luk Fook sales drop 10 per cent as trade war bites

    The trade war between the US and China has been partially blamed for a 10 per cent fall in Luk Fook sales.

    In a quarterly sales update, the Hong Kong-listed jewellery retailer said a relatively higher base in the comparable period also contributed to the decline.

    First-quarter same-store Luk Fook sales were down 10 per cent with the overall same-store sales of gold products down 19 per cent. Gem-set jewellery sales rose 4 per cent.

    In Hong Kong and Macau, sales of gold products fell by 20 per cent while gem-set jewellery sales rose 6 per cent.

    “The favourable sales performance of lower-value items resulted in a double-digit drop in the average selling price of gem-set jewellery products,” said chairman and CEO Wai Sheung Wong. “However, due to the remarkable increase in sales volume, the same-store sales of gem-set jewellery products still recorded positive growth given a high base.”

    Sales on the mainland fell 7 per cent, with gold products down by 4 per cent and gem-set jewellery down by 7 per cent. However, mainland licensed shops recorded a low single-digit same store sales growth.

    Luk Fook added a net 35 new Lukfook stores in the mainland during the quarter. As at June 30, the company operated 1861 worldwide, 1790 of those on the mainland.

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  • Luk Fook Plans to Expand in China to maintain growth

    Luk Fook Plans to Expand in China to maintain growth

    Luk Fook will add at least 150 stores in Mainland China this year as it looks to mitigate falling sales in Hong Kong.

    Releasing its results for the financial year to March 31, Luk Fook said profit attributable to shareholders rose 9 percent to HK$1.5 billion on sales up 8.8 percent to $15.9 billion.

    During the year the company added 194 stores on the mainland taking its global network to 1833.

    “As Mainland China remains to be a market with promising growth potential in the mid- to long-term, the group will continue to focus on business expansion [there],” said Luk Fook chairman and CEO Wai Sheung Wong.

    “The target for net addition of shops in Mainland China in the coming year, including newly developed brands, is not less than 150 shops and will expand its network to lower-tier cities by opening mainly licensed shops. The group is also committed to further developing its e-commerce business and strengthening cooperation with e-commerce platforms in Mainland China, aiming to grow e-commerce revenue by 20 per cent,” he said.

    “In light of the enormous spending potential of young consumers on online sales platforms, the group will step up its efforts to promote the sales of affordable luxury jewelry products to expand its footprint in the young consumer market.”

    Last year was one of two differing halves for Luk Fook, the first half of growing sales in Hong Kong and Macau, the second of declining sales as trade tensions grew between China and the US and consumer sentiment dived. That trend continued from April through to three weeks into this month with same-store sales in Hong Kong and Macau down by the low-double digits and on the mainland by the mid-single digits for company-owned stores and low-single digits for licensed shops.

    Given the continuing uncertainties on the macro-economic environment arising from the US-China trade war, Luk Fook expects “flattish” revenue and profit growth for the current financial year but hopes to maintain profitability at last year’s level.

    Last year, the retail business was Luk Fook’s main source of revenue, rising by 9.8 percent

    Year on year to $12.075 billion and accounting for 76.1 percent of total sales.

    The group’s retail revenue in the Hong Kong market increased by 11.6 percent to $7.44 billion, despite a lackluster second half.

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