Jewellery retail chain Luk Fook said group revenues for the year that ended 31st March, 2021, dropped 21.1% to HK$8.86 billion as the pandemic had impacted tourist traffic in Hong Kong and Macau.<\/p>\n\n\n\n
Gross profit also decreased by 20.8% to HK$2.63 billion versus a year earlier. But the steadily declining gold price in the second half of FY2021 and the strengthening RMB led to a turnaround gain on gold hedging and net exchange from losses last year.<\/p>\n\n\n\n
Together with the government subsidies in response to the pandemic, operating profit increased by 7.6% to HK$1.24 billion, while operating margin increased to 14%.<\/p>\n\n\n\n
During the year, Luk Fook operated a total of three brands under the multi-brand strategy and saw a net increase of 246 mainly Lukfook stores. The group added a net total of 222 Lukfook shops worldwide, including 224 shops in Mainland China.<\/p>\n\n\n\n
As of 31st March, 2021, the company had a global network of 2,366 shops, spanning across Hong Kong, Macau, Mainland, Singapore, Malaysia, Cambodia, the Philippines, the United States, Canada and Australia.<\/p>\n","protected":false},"excerpt":{"rendered":"
Jewellery retail chain Luk Fook said group revenues for the year that ended 31st March, 2021, dropped 21.1% to HK$8.86 billion as the pandemic had impacted tourist traffic in Hong Kong and Macau. Gross profit also decreased by 20.8% to HK$2.63 billion versus a year earlier. But the steadily declining gold price in the second…<\/p>\n","protected":false},"author":1,"featured_media":9572,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"thb-sponsors":[],"class_list":["post-9571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n