Parkson Retail Asia books lower net profit amid weak consumer spending
By Mei Ling Tan
1 min read
Parkson Retail Asia booked a lower net profit last year with two fewer stores and weak consumer spending.
The department store chain’s net profit fell 8.5 percent to S$26.3 million (US$19.6 million), while revenue fell 4 percent to S$221.6 million (US 165 million).
The company ended the year with 37 stores, down from 39 in the prior year.
Its gross sales proceeds from continuing operations slid 9.1 percent to S$535.7 million (US$398.8 million) as total merchandise sales and consultancy/management service fees fell 9.2 percent and 0.7 percent, respectively.
Meanwhile, rental income grew 5.5 percent to S$1.6 million (US$1.2 million), and food and beverage increased 6.2 percent to S$2.2 million (US$1.6 million).