SINGAPORE (Aug 28): FJ Benjamin reported earnings of $177,000 for FY19, reversing out of the red from a loss of $1.2 million in FY18.

Revenue for the full year ended June was 21% lower at $131.5 million from $166.0 million a year ago but costs and expenses also went down.

In FY18, FJ Benjamin closed loss-making businesses which accounted for $29.3 million of the $34.5 million decline in revenue. There was also a $4.4 million reduction in sales due to the group’s Indonesian associate which had slowed down purchases.

With cost of goods sold decreasing 25% to $66.8 million from a year ago, FY19 gross profit came in at $64.7 million, 15% lower than $76.3 million a year ago.

In FY19, overall expenses also decreased, with staff costs dropping 17% to $21.4 million, rental of premises falling 19% to $22.3 million, advertising and promotion costs declining 34% to $2.0 million, and other operating expenses falling 21% to $11.9 million.

As at end June, cash and cash equivalents stood at $6.2 million.

Earlier this month, FJ Benjamin opened a new handbags and accessories store – Faure Le Page – in Ngee Ann City, which the group says has received good response.

Nash Benjamin, CEO of FJ Benjamin, says, “We are pleased to return to profitability after the restructuring of our business, and believe that we have today a much healthier portfolio of brands. We have launched our Omni Channel Superdry platform in July to be followed simultaneously in Malaysia 2Q20 where the results have been encouraging.”

Shares in FJ Benjamin closed at 2.9 cents on Wednesday.