HK Stock Market Move | LAOPU GOLD (06181) fell nearly 4% in early trading, investors worried about same-store sales. Citi said core customer group remained stable.

LAOPU GOLD (06181) fell nearly 4% in early trading, dropping 3.8% to HK$607.5 as of press time, with a turnover of HK$6.02 billion. Citigroup released a research report stating that during the promotion period in April, SKP department stores under LAOPU GOLD saw a double-digit decline in same-store sales due to the recent drop in gold prices leading to a loss of entry-level price-sensitive customers. However, the core customer group remained stable. The bank expects that the same-store sales decline at other LAOPU stores will be smaller due to differences in customer demographics and promotion schedules. Citigroup believes that investors have been concerned about same-store sales performance for some time, and the current valuation is not expensive.