Sales for Hong Kong retailer Luk Fook significantly increased in the third quarter off the back of improving tourism and the popularity of gold jewellery.
The retailer recorded a 46 per cent increase in sales for the three months ending 31 December.
In Hong Kong and Macau, retail sales improved by 97 per cent on a year-on-year comparison, while in mainland China sales increased by 37 per cent.
Same-store sales of gold jewellery increased by 88 per cent in Hong Kong and Macau, while diamond jewellery improved by 25 per cent. In China, gold jewellery increased by 23 per cent; however, sales of diamond jewellery decreased by 35 per cent.
“Since the demand for diamond products remains subdued in the Mainland, the Group will continue to actively promote non-diamond fixed-price jewellery products, especially fixed-price gold products, in order to enhance the performance of fixed-price jewellery products,” Luk Fook’s statement reads.
“Moreover, the Group is optimistic about the immense growth potential in the overseas markets and intends to proactively allocate more resources to expand its footprint across the world.”
Luk Fook operates more than 3,100 stores worldwide.
In the past week, rival retailer Chow Tai Fook reported a 46 per cent increase in sales in the third quarter, which was attributed to the popularity of gold jewellery in the lead-up to the Chinese New Year (10 February).
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