Luk Fook Holdings Faces Sales Decline Amid High Gold Prices

Luk Fook Holdings (International) (HK:0590) has released an update.

Luk Fook Holdings reported a challenging second quarter with a 16% year-on-year decline in retail sales value, heavily influenced by soaring gold prices and a high base effect. Retailing revenue also saw a significant drop of 25%, with same store sales plummeting by 35%, and the Hong Kong and Macau markets experiencing the steepest declines. Despite these setbacks, fixed-price gold products showed resilience with an 11% increase in sales.

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