Brief: Luk Fook Holdings International Sees Substantial Decline In Revenue And Profit For FY

Luk Fook Holdings (International)

18/03/2020 12:08

March 18 (Reuters) - Luk Fook Holdings International Ltd
 0590.HK :
    * SEES SUBSTANTIAL DECLINE IN GROUP'S REVENUE AND PROFIT FOR
FINANCIAL YEAR ENDING 31 MARCH 2020
    * GROUP HAS ADOPTED NATURAL TURNOVER AND NO PAY LEAVE
MEASURES FOR
COST-SAVING OF STAFF COSTS
    * EXPANSION PLAN FOR CURRENT FINANCIAL YEAR HAS NOT BEEN
SERIOUSLY
AFFECTED
    * DECLINE IN OVERALL SAME STORE SALES GROWTH OF 49.9% FOR
TWO
MONTHS ENDED 29 FEB 2020
    * ESTIMATED THAT NET SHOP ADDITIONS FOR CURRENT FINANCIAL
YEAR
WOULD ONLY BE A BIT LESS THAN TARGET OF 300 SHOPS
    * THERE WILL BE AN ACUTE DROP IN REVENUE FOR PERIOD FROM JAN
TO
MARCH 2020
    * HIGHLY LIKELY THAT CERTAIN LOSSES WILL BE INCURRED IN Q4

Source text for Eikon:  urn:newsml:reuters.com:*:nHKS2RCNqx
Further company coverage:  0590.HK 

 ((Reuters.Briefs@thomsonreuters.com;))