Lukfook Group (00590) is now down more than 4%, with a cumulative decline of more than 17% during the month. As of press release, it decreased by 4.33% to HK$17.68, with a turnover of HK$13.4183,000.
The Zhitong Finance App learned that Lukfook Group (00590) is now down more than 4%, with a cumulative decline of more than 17% during the month. As of press release, it decreased by 4.33% to HK$17.68, with a turnover of HK$13.4183,000.
According to the news, Lukfook Group announced its retail sales performance for the fourth quarter of fiscal year 2024 ending March 31. Overall same-store sales fell 5% in the fourth quarter, while same-store sales of gold products and price-priced jewelry products increased by 4% and decreased by 24%, respectively. The Group's overall retail value for the fourth quarter of FY2024 increased by 5% year-on-year and surpassed the same quarter level of FY2019 by more than 50%. Overall retail revenue increased by 12%, an increase of more than 10% compared to FY2019. Excluding Hong Kong Resources Group's retail sales figures, the Group's overall retail value and retail revenue for the fourth quarter increased by 1% and 7%, respectively.
According to the announcement, Hong Kong, China, Macau, and the Mainland gradually recovered after full customs clearance in the fourth quarter of fiscal year 2023, and retaliatory consumption occurred, especially in March. Therefore, the fourth quarter was the quarter with the highest base for the current fiscal year. Coupled with factors such as the global central bank's loose monetary policy expectations and increased gold reserves, compounded by factors such as continued geopolitical tension, the price of gold rose rapidly and repeatedly reached new highs in March, weakening consumer sentiment, leading to a slowdown in sales in March, and continued exchange rate decline, affecting the overall quarter's performance.