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Sheng Siong reports 3QFY2021 earnings of $34.4 million, up 8.3% y-o-y

The Edge Singapore
The Edge Singapore10/28/2021 05:59 PM GMT+08  • 2 min read
Sheng Siong reports 3QFY2021 earnings of $34.4 million, up 8.3% y-o-y
The company is on the lookout for more new locations to open new stores
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Supermarket chain Sheng Siong Group, the unlikely beneficiary of the pandemic, has reported earnings of $34.4 million for 3QFY2021 ended Sept 3, up 8.3% y-o-y.

Revenue in the same period was up 6.4% y-o-y to $348.1 million, driven by both new stores’ sales and higher sales from existing stores.

The company also benefited from a 2-percentage point improvement in gross margins to 29% for the quarter, due to a better sales mix.

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