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Parkson Retail Asia sinks into 2Q loss on weak sales, losses from new stores

PC Lee
PC Lee2/14/2017 06:23 PM GMT+08  • 2 min read
Parkson Retail Asia sinks into 2Q loss on weak sales, losses from new stores
SINGAPORE (Feb 14): Parkson Retail Asia swung into the red in 2Q17 with a net loss of $2.2 million compared to earnings of $2.9 million on weak Same Store Sales Growth (SSSG) and losses incurred by certain new stores and new businesses.
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SINGAPORE (Feb 14): Parkson Retail Asia swung into the red in 2Q17 with a net loss of $2.2 million compared to earnings of $2.9 million on weak Same Store Sales Growth (SSSG) and losses incurred by certain new stores and new businesses.

The South-east Asian department store operator also recorded a loss of $7.4 million in 1H17, compared to earnings of $52.4 million a year ago.

Revenue for the three months ended Dec rose 7.4% to $111.1 million. Sales of goods rose 15.8% to $59.0 million while rental income rose 8.3% to $4.2 million. On the other hand, commission from concessionaire sales fell 1.7% to 47.6 million and consultancy and management service fees fell 37.6% to $108,000.

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