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The positive news from Asia continued this week with Hong Kong retailer Luk Fook confirming a significant increase in same-store sales.
With COVID restrictions relaxing in Hong Kong during the fourth quarter, Luk Fook’s same-store sales increased by 83 per cent. Same-store sales are defined as those coming from a store which has been operated by the company for more than 12 months.
Sales of gold jewellery improved 145 per cent during the same period, while fixed-price jewellery increased 88 per cent.
In mainland China, same-store sales decreased by 6 per cent year-on-year for the period while revenue from e-commerce improved 23 per cent.
“There was a slower recovery of consumer sentiment in the mainland market,” the company noted in a statement.
“Due to the significant improvement in tourist traffic and spending in the Hong Kong and Macau market after the reopening of borders, the same-store sales in Hong Kong and Macau market rebounded substantially from a decline in the last quarter.”
Luk Fook opened 30 new stores on the mainland during the quarter, bringing its regional total above 3,000.
Rivals Chow Tai Fook published its fourth quarter sales performance recently, detailing a 14 per cent increase in sales.
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