Hong Kong's Luk Fook hits over 6-month low as yearly profit drops

Luk Fook Holdings (International)

28/06/2023 05:52

** Shares of jewellery retailer Luk Fook Holdings
(International)  0590.HK  fall as much as 18.2% to HK$18.98,
their lowest since Dec. 1, and on course for the second
consecutive session of decline
    ** Stock set for the biggest one-day pct drop since debut in
May 1997, if losses hold
    ** Stock is the biggest pct loser in Hang Seng Composite
Index  .HSCI  and fourth-biggest pct decliner on the Hong Kong
bourse
    ** Co says its net profit fell 7.7% YoY while revenue
increased 2%, with same store sales in Hong Kong and Macau up
34% while mainland China down 16.9%
    ** Says momentum of recovery in Hong Kong and Macau
continued in Q1 of FY2024 with same store sales up 70% in
April-June period but relatively flat for mainland China
    ** Bigger rival Chwo Tai Fook Jewellery  1929.HK  slips as
much as 2.2% to HK$14.36, lowest since June 13
    ** The Hang Seng Consumption Index  .HSCGSI  climbs 0.2%
while the Hang Seng Composite Index eases 0.2% and the Hang Seng
Index  .HSI  slips 0.1%

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