Sheng Siong's growth story intact even as consumer sentiment weakens

CONSUMER sentiment may have softened but local grocery chain Sheng Siong Group appears to be chugging along as it expands both at home and abroad.

This is reflected in its most recent financial quarter, with revenue in the first three months ended March 31 increasing 10.1 per cent to S$251.44 million, fuelled by the launch of ten new stores in 2018, and net profit rising 6 per cent to S$19.36 million.

Revenue growth was partly offset by comparable same store sales which shrank by one percentage point, owing to cautious consumer sentiment and new supermarkets near some of its existing stores. Gross profit margin was slightly lower at 26.1 per cent versus 26.2 per cent in the same quarter in 2018.