LFX store on Nanjing Road, Shanghai
Chinese jeweller Lao Feng Xiang (LFX) registered a modest decrease in sales in the first quarter of the year, the company announced.
Sales were down 3.44 per cent to RMB 14.48 billion (around US$2.04 billion), with profits sliding 0.56 per cent.
Total sales in 2019 meanwhile reached RMB 49.62 billion (around US$6.97 billion), up 13.35 per cent from 2018. Jewellery sales accounted for 74.76 per cent of the total figure while 21.88 per cent came from gold trade.
LFX said it will continue to optimise its sales model and enhance its sales network as a “foundation for growth.”
As of 2019, the company has been operating 3,893 shops worldwide, with 372 additions last year.
LFX said it expects stronger jewellery sales in China moving forward.