Luk Fook's self-run Mainland shops post +39% for 1–7 October
Hong Kong and Macao same-store sales rose 15% that week, and licensed Mainland shops were flat. Chow Tai Fook's filing shows Macao up 47.3% in July to September, against Hong Kong's 24.0%.
By Carat Capital
What changed
October opened hotter. Luk Fook's self-operated Mainland shops posted same-store sales up 39% for 1 to 7 October, against 3% for July to September. Hong Kong and Macao rose 15%.
What it means
- If you hold Luk Fook: Weigh one week against a quarter in which group same-store sales rose 12%.
- If you sell gold in Hong Kong: Both chains report Macao outrunning Hong Kong in the quarter.
- What this is not: A Mainland recovery. Licensed shops, about 90% of Luk Fook's Mainland count, were flat.
Key figures
| Self-run Mainland shopsLuk Fook SSS, 1–7 October | +39% |
|---|---|
| Hong Kong and MacaoLuk Fook SSS, 1–7 October | +15% |
| Licensed Mainland shopsFlatabout 90% of the Mainland count | |
| Chow Tai Fook, MacaoSSS, July to September | +47.3% |
Source: Luk Fook HKEX announcement, 'Retail sales performance for the second quarter... and the first week of October 2026', dated 22 October 2026. Chow Tai Fook HKEX operational data, 22 October 2026. Same-store sales, year on year, self-operated shops only.
A wider gap pulls buyers
Luk Fook names tax. Luk Fook says the Mainland's gold value-added tax policy widened the price gap with Hong Kong and Macao. It says that is drawing more gold buyers there.
Macao ran fastest. Chow Tai Fook's filing splits its quarter: same-store sales rose 24.0% in Hong Kong and 47.3% in Macao. Luk Fook's Macao also outran Hong Kong.
| Period | Hong Kong | Macao | Hong Kong and Macao | Mainland, self-run |
|---|---|---|---|---|
| Luk Fook, 1–7 October | not split | not split | +15% | +39% |
| Luk Fook, July to September | +10% | +19% | +13% | +3% |
| Chow Tai Fook, July to September | +24.0% | +47.3% | +29.6% | +2.2% |
Luk Fook's licensed Mainland shops were flat in the first week and +1% in the quarter; Luk Fook's group same-store sales rose 12% in the quarter. Chow Tai Fook gives no first-week figure. Luk Fook prints whole percentages and Chow Tai Fook one decimal place.
The Mainland splits in two
Own shops jumped. Luk Fook's self-operated Mainland shops rose 39% in the week. Its licensed shops, about 90% of its Mainland count, were flat against a high base.
The quarter was slower. For July to September, self-operated Mainland same-store sales rose 3% and licensed shops 1%. Luk Fook gives no reason for the Mainland jump; it names the price gap for Hong Kong and Macao.
Chow Tai Fook reports in November
Interims due. Chow Tai Fook expects to publish its interim results by the end of November. Its profit alert names a gold-loan revaluation gain first.
What to watch
- End of NovemberChow Tai Fook's interim results for the six months to 30 September.
- Not datedLuk Fook's next trading update, which would show whether the first week held.
The story so far
Go deeper
Corrections
Clarified, 25 October 2026: a sentence said neither company gives a reason for the first week beyond the price gap. Chow Tai Fook reports no first-week figure, and Luk Fook names the price gap for Hong Kong and Macao, not for its Mainland self-run jump. The sentence now says so. What was right as published: every figure. Found by Carat Capital's standards desk on 24 October 2026.
What would change this call
A later Luk Fook update showing October self-operated Mainland growth back near the quarter's 3%. Then the first week was a one-week spike.
How same-store sales are counted
Luk Fook compares sales at the same self-operated shop open for full days in both periods. Licensed shops and e-commerce are excluded, so its licensed-shop figure is reported separately. Chow Tai Fook also counts self-operated stores only.
Method
Luk Fook Holdings, HKEX announcement signed 'Hong Kong, 22 October 2026', PDF created 17:33 HKT that day, fetched by the Bureau 24 October 2026, 200, 632,034 bytes, text read by the Editor this run. Page 8 Outlook: 'From 1 October to 7 October 2026, SSS was +15% for the Hong Kong and Macao market and +39% for self-operated shops in Mainland, while SSS for other markets remained flat. Against a high comparison base, same store sales growth for licensed shops in Mainland was also flat.' The term '39%' appears four times in the text; three are other figures (first-quarter group same-store sales, a Mainland line and fixed-price jewellery), and only the page 8 sentence is the first-week figure. Quarter: 'SSS +12% +13% +3% +14%' (group, Hong Kong and Macao, Mainland, other); 'Hong Kong's SSS at +10% and Macao's at +19%'; 'SSS for self-operated shops was +3%'; licensed shops 'approximately 90% of the total shop count in Mainland' and '+1% in 2Q'. Chow Tai Fook HKEX operational data, PDF created 14:32 HKT 22 October 2026, 200, 254,871 bytes: 'with Hong Kong up by 24.0% and Macao up by 47.3%'; SSS '+2.2% +29.6%'. Chow Tai Fook profit alert, 200, 44,330 bytes: interim results 'expected to be published by the end of November 2026'. The tax policy is Luk Fook's description; its start date is not given in the release and is not printed. ARCHIVE, by entity and period: Carat Capital's archive, 'Luk Fook' with 'October' 2 rows, opened: 23 October (Chow Tai Fook's quarter and a Luk Fook quarter line, no first-week figure) and 27 July (a passing mention); 'Macao' with '47.3' 0. Ours 21 July covered Luk Fook's April to June quarter; this covers 1 to 7 October and the Hong Kong and Macao split. ADVANCED.
Sources
- Luk Fook Holdings, Retail Sales Performance for the Second Quarter of FY2027 and the First Week of October 2026 (HKEX) 22 October 2026
- Chow Tai Fook Jewellery Group, operational data for the quarter ended 30 September 2026 (HKEX) 22 October 2026
- Chow Tai Fook Jewellery Group, Positive Profit Alert (HKEX) 22 October 2026