Hong Kong–listed jewellery retailer Luk Fook Holdings (International) Limited (“Luk Fook”) maintained double-digit top-line growth in the second quarter of the financial year ending 31 March 2027 (FY2027), overcoming a high base of comparison on the back of robust gold sales, e-commerce traction in Mainland China and continued international expansion.
Group‐level performance (1 July–30 September 2026) • Retail sales value (RSV) rose 8% year-on-year (YoY), while retailing revenue—covering self-operated stores and e-commerce—advanced 23%. • Same-store sales (SSS) increased 12%, supported by a 22% jump in weight-based gold sales despite a 23% YoY rise in international gold prices. • Product mix tilted further towards gold and platinum, which contributed 83% of RSV versus 78% a year earlier.
Regional trends 1. Hong Kong & Macao – RSV and retailing revenue each climbed 17% YoY; SSS grew 13% (Hong Kong +10%, Macao +19%). – Gold SSS surged 24%, buoyed by a wider price differential versus Mainland China and renminbi appreciation, which drew more tourist spending. – Average selling price (ASP) of gold products fell 8% to HK$14,800, while fixed-price jewellery ASP rose 23% to HK$7,500.
2. Mainland China – Overall RSV slipped 2% YoY, but retailing revenue jumped 28%, driven by a 28% expansion in e-commerce sales. – SSS for self-operated stores added 3%, with gold up 6% and fixed-price jewellery down 14%. – Gold ASP declined 7% to RMB7,700; fixed-price jewellery ASP increased 38% to RMB4,000.
3. Other International Markets – RSV and retailing revenue grew 25% and 24% YoY respectively, reflecting ongoing network rollout. – SSS improved 14%, with gold up 23%. – Gold ASP edged up 3% to HK$15,600; fixed-price jewellery ASP expanded 33% to HK$8,100.
Store network dynamics • Total points of sale stood at 2,788 as of 30 September 2026, representing a net reduction of 69 during the quarter due to continued consolidation of licensed outlets in lower-tier Mainland cities. • Mainland China accounted for 2,655 stores, Hong Kong & Macao 75, and other markets 582. • Self-operated “Lukfook Jewellery” stores totalled 166 worldwide; “3DG Jewellery” self-operated outlets reached 183. • Internationalisation accelerated with the first European store opened in London and additional entries into Singapore, Malaysia, Vietnam and Taiwan, resulting in five net new stores outside Greater China in the quarter.
Early Q3 trading and outlook From 1–7 October 2026, SSS rose 15% in Hong Kong & Macao and 39% in Mainland self-operated shops, while other markets were flat. Management remains cautiously optimistic amid ongoing macroeconomic and geopolitical uncertainties and reiterates its plan for a net addition of 30 stores in overseas markets for FY2027.
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