Singapore-based electronics and homewares retailer Courts has reported a quarterly revenue dip of 16.four per cent in what it describes as a “weak retail surroundings”.
The listed firm posted a quarterly revenue of S$6.56 million within the three months to March 31, down from $7.84 million in the identical interval a yr in the past.
Gross sales for the quarter fell seven per cent to S$192.5 million and for the yr to March 31, income fell a pointy 38.7 per cent to S$17.36 million, on gross sales down eight.6 per cent to S$758.5 million.
“Singapore’s gross sales, which contributed to 66 per cent of the group’s gross sales, registered 11 per cent lower in FY14/15,” the corporate stated in a press release.
“The lower in gross sales was primarily because of a lacklustre retail surroundings resulting in the autumn in gross sales of all product classes, decrease bulk gross sales of digital merchandise and lowered participation in commerce present days,” Courts stated.
Malaysia accounted for 33 per cent of group gross sales, however fell by 5.eight per cent largely because of the weaker ringgit and regardless of some panic shopping for earlier than the introduction of gross sales tax on April 1.
However the firm expressed optimism for the yr forward.
Two new shops are quickly to open in Indonesia, its latest market, offering essential mass to realize operational effectivity.
Courts additionally plans to launch right into a fourth market with Singapore media tipping Mauritius because the most certainly risk.
