HK jeweller Luk Fook hits more than 2-year high on same-store sales growth

Luk Fook Holdings (International)

25/06/2021 04:31

** Hong Kong-based jewellery retailer Luk Fook Holdings
International Ltd's  0590.HK  shares rise 8.3% to HK$26.05
    ** Stock at highest level since May 2019 and on track for
third straight session of gains
    ** Shares on course for best day since Feb. 23; Among 30
biggest pc gainers on Hong Kong bourse
    ** Luk Fook net profit for year ended March rises 17.4% to
HK$1.02 bln ($131.4 mln); Revenue drops 21.1% to HK$8.86 bln
 urn:newsml:reuters.com:*:nFWN2O50Z3
    ** Company expects its business to grow in the coming year
    ** Luk Fook reports same-store sales growth of 120% for Hong
Kong, Macau market during the period from April to first two
weeks of June, and a rise of 50% for Mainland market    
    ** Nomura maintains "neutral" rating on company's shares,
raises PT to HK$23.7 from HK$16.7, saying Luk Fook's China
penetration still falling behind rival Chow Tai Fook Jewellery
 1929.HK 
    ** Chow Tai Fook Jewellery rises 2.9% to all-time high of
HK$17.48 
    ** Hong Kong Hang Seng consumer goods and services index
 .HSCGSI  gains 0.7%, benchmark index  .HSI  climbs 0.9%
    ** As of last close, Luk Fook shares up 28.6% this year 
 ($1 = 7.7621 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))