SINGAPORE (May 2): Parkson Retail Asia recorded losses of $7.8 million for the 3Q ended March, improving 14% compared to losses of $9.1 million a year ago.
Revenue grew 5.9% to $104.5 million, from $98.6 million a year ago.
This was mainly attributable to improvement in its Malaysian operations, which saw same store sales growth (SSSG) of 4.5% in 3Q18 amid stronger Lunar New Year festive sales.
The improvement was partially offset by a 9.8% drop in SSSG for its Vietnam operations, due to intensive promotional activities carried out and low-base effect arising from the entry of foreign retailers.
Indonesia SSSG dipped marginally by 0.6% in 3Q, due to the downsizing of a store in Jakarta, as well as the aftermath of volcano eruption in Bali.
As at end March, cash and cash equivalents stood at $33.3 million.
The group says it remains vigilant over its store performances amid competitive operating environments. While Parkson Retail added three new stores, including one managed store, to its department store network, it had also taken steps to exit six underperforming stores for the 9-month period ended March.
Looking forward, the group says it expects its performance in 4Q to benefit from Hari Raya / Lebaran festive shopping in June.
In view of the headwinds encountered in each operating country, the group says it will continue to drive topline growth proactively while exercising prudence on operating costs and new investments.
Shares of Parkson Retail closed 0.1 cent lower at 5.4 cents on Monday.
