Work hard and you will find success

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Today

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Luk Fook Revenues +47% in Fiscal 2012

06 july 2012

Luk Fook Holdings, a Hong Kong-based jeweler, reported rose 47 percent year on year to $1.54 billion (HKD 11.91 billion) in the year that ended March 31, 2012. Group profit grew 54 percent to $173.7 million (HKD 1.35 billion), Rapaport reports.
Sales were driven by the company’s expansion in Mainland China and tourists to Hong Kong.
“Retail business accounted for the huge surge in the group’s performance owing to rising demand for luxury products from Mainland visitors holding appreciating renminbi [coming with] aspirations of purchasing high quality gold and jewelry items in Hong Kong,” Luk Fook explained.
Luk Fook’s retail sales in Hong Kong, Macau and overseas accounted for majority of revenues and rose 49 percent to $1.15 billion (HKD 8.92 billion), while sales in Mainland China increased 64 percent to $96 million (HKD 744.1 million). The company’s wholesale division had sales increase 33 percent to $233.8 million (HKD 1.81 billion). Sales at its licensee rose 55 percent to $55 million (HKD 426.7 million)
At year end, Luk Fook had 103 wholly owned retail stores under the brand name Lukfook Jewellery and 758 licensee shops.
Management offered some caution for the current fiscal year due to global economic uncertainties but maintained that China’s economy would remain stable, stimulated by rising consumption.
“Demand for luxury and jewelry products, particularly from tourists from Mainland China, has remained robust due to wealth effect deriving from stable economic growth in Greater China, increasing disposable income and urbanization, giving a strong support to retail sales market,” Luk Fook stated. “Facing the huge potential of the [Chinese] market, the group’s approach on retail outlet expansion is aggressive yet prudent. The Group will continue to expand its retail outlets in cities with lower brand penetration and explore various market opportunities so as to increase its market share.”