In North Asia, grocery retail sales stood lower on a y-o-y basis due to the high base when demand was boosted by the fifth wave of Covid-19 in Hong Kong. In Southeast Asia, grocery retail sales were also lower due to cautious customer shopping behaviour, driven by rising cost of living pressures.
DFI Retail Group (SGX:D01
) says it has seen a “significantly improved” y-o-y performance in the 1QFY2023 ended March 31 although the group reported no specific figures in its business update.
The group’s subsidiaries were said to have reported a “modest increase” in operating profit. During the period, the group’s health and beauty, as well as convenience divisions, saw “strong recovery” although that was offset by lower results in the grocery retail division as consumer buying patterns normalised.
