Parkson Retail grows regardless of Vietnam drag

Listed division retailer operator Parkson Retail Asia has reported a 5.5 per cent year-on-year improve in internet revenue for the third quarter.

Within the three months to March 31, Parkson posted a revenue of S$7.98 million.

The corporate attributed the development to elevated gross sales in its Malaysia department shops the place shoppers have been shopping for items prematurely of the introduction of GST on April 1.

The development got here regardless of a discount in similar retailer gross sales from the corporate’s Vietnam operations, which proceed to wrestle and now faces elevated competitors from the arrival of M&S and the Thailand Central Group’s Robins department shops in the important thing Ho Chi Minh Metropolis and Hanoi markets.

Gross sales within the Indonesia and Myanmar shops each improved.

Complete gross sales income for the group rose 9.2 per cent to S$116.58 million.

CEO Toh Peng Koon stated the corporate expects a decline in Malaysia gross sales following the GST implementation, however expects that can be buffered by the beginning of the pre-Hari Raya festive shopping for season in the direction of the top of June.

He stated he expects Indonesia and Myanmar to conitnue to ship encouraging outcomes, however warned Vietnam remained a difficult market.