RETAIL | Luk Fook sales drop in Macau, HK

Hong Kong-based je-­weler Luk Fook Holdings has reported an 18-percent year-on-year drop in same-store sales in the first quarter ending June 30. The company said that the decline was due to the weak performance of operations in Hong Kong and Macau.
Luk Fook’s gem-set jewelry dropped 18 percent during the quarter, with branches in Hong Kong and Macau specifically down 19 percent. In contrast, same-store sales in mainland China surged 23 percent.
The Luk Fook store network had 1,397 points of sale as of June 30, 2015, including 1,253 franchise stores.
Same-store sales is a figure used to determine what amount of sales growth is attributable to new store openings, based on sales made by stores that have been open for longer than one year.