Parkson Retail's Q4 earnings down 36%

DEPARTMENT store operator Parkson Retail Asia reported a near 36 per cent year-on-year drop in net profit to S$3.17 million for its financial fourth quarter ended June 30. This was due to negative same store sales growth (SSSG) in Vietnam, initial losses from new stores and adverse currency translation effects.

Revenue slid 4 per cent to S$99.18 million due to negative SSSG in Malaysia and Vietnam as well as the weaker Indonesian rupiah. Earnings per share for the period worked out to 0.47 Singapore cent, down from 0.73 a year earlier.

During the quarter under review, total expenses fell nearly 2 per cent to S$100.46 million, while total gross sales proceeds were S$246.05 million, down 2.2 per cent.