Intense competition takes toll on Parkson's Q1 bottom line

Kuala Lumpur

PARKSON Holdings Bhd missed core profit estimates in the first quarter to end September as intense competition resulted in the retailer registering negative same-store sales growth (SSSG) in three out of four of its major markets.

The once retail favourite saw its stock ease 3.3 per cent to RM2.40 on Tuesday after posting a net profit of RM20.2 million (S$7.85 million) - a 34 per cent drop from a year ago and 25 per cent less than the preceding quarter.