Singapore's FJ Benjamin revenues dive 13%
today Jun 7, 2016
Singapore fashion and lifestyle group FJ Benjamin Holdings saw revenues fall 13 per cent, or S$8.7 million (US$6.387 million) to S$61 million for the last quarter, ended March 31.
The company attributed the drop to a $5.8 million drop in sales on the back of the closure of under-performing stores and discontinued business. Around $3 million was also lost through a weak Malaysian currency, said the group.
The group’s gross profit margin dropped only two percentage points year-on-year from 43 to 41 per cent for the quarter following increased promotion in Malaysia.
“We continue to face lower foot traffic in malls, and consumer spending continues to be under pressure with the prevailing slowdown of regional economies and currency volatility,” sais CEO
A focus on cost management resulted in improvements in most categories of expenses, easing running expenses by 12 per cent, or $4.1 million, to $31.1 million. Looking ahead, the retail environment is expected to remain challenging.
“The group continues to execute its strategy of finding the best brands to bring to customers, rationalising shop fronts and controlling cost, as well as finding the right business model for the future.”
FJ Benjamin looks after Banana Republic, Celine, Frederique Constant, Gap, Givenchy, Guess, La Senza, Loewe, Nautica, Tom Ford, Swarovski and Victorinox Swiss Army.
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