Luk Fook’s holiday sales of jewellery lose shine

Jewellery shop chain operator Luk Fook Holdings (International) Ltd’s same-store sales in Macau and Hong Kong during the Lunar New Year holidays were 25 per cent lower this year than last year. The company told the Hong Kong Stock Exchange that its same-store sales everywhere that it operates had fallen by 21 per cent. But Luk Fook failed to give the value of its same-store sales anywhere. It blamed the fall in Macau and Hong Kong on the slowing of economic growth in the mainland, and on the weakness of the yen and euro allowing Chinese to buy jewellery more cheaply outside Greater China.