, China

Lukfook’s attributable profit rises 36.9%YoY in 2022

It saw a record revenue growth of 32.5%.

Jewellery firm Luk Fook Holdings (International) Limited posted a 36.9% year-on-year (YoY) increase in its profit attributable to equity holders in the financial year ending on 31 March, reaching $178.4m (HK$1.4b).

In a statement, Lukfook said it posted a record revenue increase of 32.5% YoY to $1.5b (HK$11.7b) due to the low base effect, recovery of the retail atmosphere, and favourable gold sales.

Wong Wai Sheung, chairman and CEO of the Group, said that whilst there was positive growth in same-store sales due to the low base effect, it declined anew from March to April, following the resurgence of the pandemic in Hong Kong and Mainland.

Nevertheless, with the improving pandemic control and the help of a new round of consumption vouchers, the Group recorded a satisfactory sales performance in the Hong Kong market since April 2022,” Wong said.

“Moreover, subject to the pandemic development, with further expansion of our retail network and the progressive relaxation of the lockdown measures in Mainland and the government’s commitment to implementing economic push measures and consumption encouragement policies, we target to achieve a double-digit growth in revenue in the coming year and look forward to reaching record-high profit in 3 years,” he added.

READ MORE: China’s luxury market suffers from spending crunch amidst strict COVID measures

Lukfook said the retail business was the Group’s primary source of revenue, increasing 46.9% YoY to $943.1m (HK$7.4b), accounting for 63.1% of the total revenue. It added that despite the rise in the number of licensed shops, the growth in retail sales was mainly driven by gold products, whilst diamond products posted a “lacklustre performance.”

In Hong Kong, the Group's retail revenue rose by 27.6% YoY to around $331.4m (HK$2.6b) as local consumption gradually recovered due to the sound pandemic control and the government’s consumption voucher scheme. Revenue from  Macau also increased by 85.8% YoY to around $216.7m (HK$1.7b), coming from a low base effect.

Meanwhile, retail revenue of the Mainland market increased by 47.9% to around $318.6m (HK$2.5b), due to the controlled pandemic situation and strong gold sales.

As of March 31, the Group has 2,809 shops globally up from 2,366 in 2021, including 2,719 “Lukfook” shops in Hong Kong, Macau, Mainland, Singapore, Malaysia, Cambodia, the Philippines, Laos, the United States, Canada and Australia. It also operated 84 “Goldstyle shops, one “Dear Q” shop, two “Lukfook Joaillerie,” and three “Heirloom Fortune” shops on Mainland.

Wong said they are planning to expand in the Mainland market, particularly in fourth- and fifth-tier cities, targeting to add 500 “Lukfook” shops there annually.

$1 = HK$7.85

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