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Major jewelry retailers expect sales slow-down in Hong Kong during holiday season
According to Luk Fook, “The same-store sales at Luk Fook dropped by a single-digit percentage in Hong Kong and Macau in October and the first three weeks of November, sales dropped by double digits in mainland China. Net profit fell 65% year on year to $30.4 mn in the fiscal half-year that ended September 30, even as sales grew across all regions. Revenue jumped 25% to $ 1 bn for the half-year, while same-store sales increased by 18%. Shares in Luk Fook slid 7% following the announcement.”
Chow Tai Fook shares too fell by a similar margin after currency conversions led to its net profit plunging 89% to $36.6 mn during the fiscal first half. The company cautioned that sales growth would likely slow in the coming months after revenue grew 20% to HKD $3.8 bn in the six months ending September 30. The company said: “Such growth momentum is expected to be moderated in the second fiscal half ending March 2019 as the escalating comparison base, rising US-China trade tensions, and foreign-exchange fluctuations could cloud the performance.”
Retail sales in the region tend to rise in the second fiscal half, which includes the busy shopping season for the Chinese New Year, which falls on February 5.
The yuan has depreciated 5% against Hong Kong and US dollars since July 1, after the US raised tariffs on its imports of Chinese goods.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished