Tuesday, August 13, 2013

Courts

Courts: 1QFYMar14 earnings improved 5.1% to $7m while revenue remained at $197.1m (+1.6%). Gross margin improved 0.5 ppts to 30.6% due to higher service income and shift in sales mix towards higher margin items like electrical products and furnitures. Overall sales in Singapore (69% of revenue) went up by 1.9% while same-store-sales (SSS) improved 7.6% due to two store relaunches. Malaysia sales up slightly by 1.6% while SSS dipped by 4.2% due to the haze and the election campaign. This was partially mitigated by higher service charge income which resulted from a higher credit yield and sales contribution from new stores. Gearing ratio is at 0.49x. On its pipeline, Malaysia's expansion plans are on track after the group secured the sites for its second big-box megastore in Subang Jaya and two other sites in Sabah. This will double its current store footprint of 120,000 sf to 288,000 sf by the end of FYMar14. Indonesia's first big-box store in Bekasi is expected to be operational in 2014, while Singapore's plans are also on track with the Westgate store scheduled for completion in 3QFYMar14.

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