Luk Fook Holdings (International) Ltd reported a 2 percent increase in sales in the fourth quarter of its financial year ended March 31, 2017, largely due to improved market conditions and solid demand for gem-set jewellery.
The company said it recorded a turnaround after 12 consecutive quarters of decline, adding that sales in Hong Kong and Macau rose 1 percent year-on-year, compared to a drop of 11 percent during the third quarter of FY2017.
Gem-set jewellery sales were up 12 percent in Hong Kong and Macau, according to Lukfook. Overall jewellery sales in China, meanwhile, grew 11 percent during the period in review, with gold and gem-set jewellery products both recording improvements.
“Sales of gold and gem-set jewellery products both enjoyed a double-digit growth in March 2017. Apart from improved market sentiments, it was partially due to increased high-value gem-set jewellery sales in that month,” the jeweller said.
As of March 31, 2017, Lukfook has a total of 199 self-operated shops including 133 in China, 47 in Hong Kong, 10 in Macau and nine in overseas locations.