Luk Fook Holdings (International) Limited announces the retail sales performance of the Group for the first quarter of financial year ending 31 March 2023 at -1 per cent, which was slightly narrow as compared with the previous quarter. This was despite the high base effect and the resurgence of the pandemic and outstanding sales performance of gold products in Hong Kong market. The SSSG of its gold products and fixed price jewellery products were +9% and -19% respectively.
The SSSG of Hong Kong and Macau market in 1Q was +2%, and the SSSG of its gold products and fixed price jewellery products were +15% and -21% respectively. Hong Kong’s SSSG in 1Q was +40% mainly because the SSSG of gold products reached +54%, while most other products including diamond products recorded a double-digit growth.
Macau recorded a significant decline in April and May due to the resurgence of the pandemic in Mainland, along with a substantial increase in June. Therefore, its SSSG in 1Q was -43%.
The retail revenue in Hong Kong and Macau market decreased by around 1% y-o-y during the quarter. Due to the surging demand in gold products caused by the decline in gold prices, the SSSG from 1 to 7 July 2022 for Hong Kong was +116%, in which the SSSG of gold products was around +161%. The SSSG for Macau during this period turned negative again to -76% under the stringent anti-pandemic measures.
The overall SSSG of the self-operated shops in Mainland was -28% and the SSSG of their gold products and fixed price jewellery products were -26% and -34% respectively, yet their overall SSSG decline narrowed to around -11% from 1 to 7 July 2022.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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