Luk Fook Holdings 4Q FY2026: RSV +19%, Retailing Revenue +36% as Hong Kong Drives Recovery

Bulletin Express04-21

Hong Kong-based Luk Fook Holdings (International) Limited reported solid fourth-quarter (1 January-31 March 2026) retail momentum despite a high comparison base.

Overall Performance • Group retail sales value (RSV) rose 19% year-on-year, reversing the 2% decline recorded in the same period last year. • Retailing revenue (self-operated shops plus e-commerce) jumped 36%, outpacing the 17% gain in 3Q FY2026. • Same-store sales (SSS) climbed 33%, led by gold products at +42%; fixed-price jewellery registered +10%. Gold and platinum accounted for 82% of 4Q RSV, up five percentage points from a year earlier.

Regional Trends Hong Kong, Macao & Overseas • RSV +42%; retailing revenue +41%; SSS +39%. • Hong Kong delivered SSS growth of 44%, buoyed by widened price differentials with Mainland China and a stronger renminbi. • Average selling price (ASP) of gold products in Hong Kong rose 45% to HK$19,400; fixed-price jewellery ASP grew 26% to HK$6,700.

Mainland China • RSV +8%; retailing revenue +20%; overall SSS −1%. • Licensed shops (about 92% of Mainland outlets) recorded SSS +11%, offsetting flat performance at self-operated stores. • E-commerce sales advanced 22%, with gold products up 27% despite a 13% drop in fixed-price gold RSV.

Store Network • Net reduction of 68 outlets in 4Q brought the global count to 3,005 shops. • Overseas presence expanded by three stores during the quarter and by 20 over the full year, meeting management’s FY2026 target. • The estate now includes 2,524 “Lukfook Jewellery” shops, 260 “3DG Jewellery” shops and 221 outlets under other sub-brands.

Product Dynamics • Weight-based gold demand strengthened even as the average international gold price in USD rose over 70% year-on-year. • Fixed-price gold SSS increased 20% on a high base, while 18K gold diamond SSS slipped 9%.

Outlook Management remains cautiously optimistic amid lingering geopolitical and macroeconomic uncertainties. Expansion in Mainland China will proceed selectively, while the group plans to accelerate overseas openings after achieving its FY2026 goal.

(Operational data are unaudited; investors should exercise caution.)

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