March 18, 2020 / 12:10 PM / in 12 days

BRIEF-Luk Fook Holdings International Sees Substantial Decline In Revenue And Profit For FY

March 18 (Reuters) - Luk Fook Holdings International Ltd :

* SEES SUBSTANTIAL DECLINE IN GROUP’S REVENUE AND PROFIT FOR FINANCIAL YEAR ENDING 31 MARCH 2020

* GROUP HAS ADOPTED NATURAL TURNOVER AND NO PAY LEAVE MEASURES FOR COST-SAVING OF STAFF COSTS

* EXPANSION PLAN FOR CURRENT FINANCIAL YEAR HAS NOT BEEN SERIOUSLY AFFECTED

* DECLINE IN OVERALL SAME STORE SALES GROWTH OF 49.9% FOR TWO MONTHS ENDED 29 FEB 2020

* ESTIMATED THAT NET SHOP ADDITIONS FOR CURRENT FINANCIAL YEAR WOULD ONLY BE A BIT LESS THAN TARGET OF 300 SHOPS

* THERE WILL BE AN ACUTE DROP IN REVENUE FOR PERIOD FROM JAN TO MARCH 2020

* HIGHLY LIKELY THAT CERTAIN LOSSES WILL BE INCURRED IN Q4 Source text for Eikon: Further company coverage:

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