Coronavirus: Luk Fook Sales Down a Fifth
July 07, 21
(IDEX Online) - Sales at Luk Fook fell by over a fifth as the retail jeweler was hit by a tourism slump.
Same-store sales for Hong Kong, where the company is based, and for Macau, slumped by 47.1 per cent, due largely to Covid-related travel restrictions.
Luk Fook also has stores in Mainland China, Singapore, Malaysia, Cambodia, the Philippines, the United States, Canada and Australia. Mainland stores saw sales fall 4.7 per cent.
Group revenue for the year ending 31 March, 2021, fell 21.1 per cent to $1.4bn and gross profits decreased 20.8% to $340m.
But operating profits increased by 7.6 per cent to $160m, largely due to declining gold prices and government pandemic subsidies.