New stores, higher sales boost Sheng Siong's Q1 earnings

Singapore

SHENG Siong Group on Friday posted a 5.9 per cent rise in net profit to S$19.4 million for its first quarter ended March 31, as revenue increased 10.1 per cent to S$251.4 million.

The supermarket chain said the increase in revenue came mainly from Singapore's operations, as revenue from China was not yet significant. The 10 new stores opened in FY2018 contributed 10.6 per cent of the growth but it was offset by comparable same-store sales which shrank by one per cent, mainly because of cautious consumer sentiment and the opening of new supermarkets in the vicinity of some of its existing stores.