F J Benjamin Holdings said revenues rose 7 percent to USD 86.5 million for the full-year 2023, with the fashion and lifestyle retailer citing a post-Covid-19 economic recovery which lifted sales in its key markets.
By market, sales in Singapore and Malaysia, excluding exports to Indonesia, rose 6 percent and 11 percent, respectively compared to the prior year. Sales at the group’s Indonesia associate were up 15 percent, while the weakening Malaysian ringgit resulted in a translation loss of USD 3 million.
For the full year ended June 30, group net profit attributable to shareholders rose 19 percent to USD 3.5 million on the back of a 7 percent increase in group revenue to USD 86.5 million from USD 80.9 million in the previous financial year.
The second half of the year saw sales decline 9 percent to USD 40.8 million from USD 44.7 million in the same period last year due to weaker consumer sentiment.
“We saw a recovery in sales in the last financial year with the gradual removal of all Covid-19 restrictions. However, with regional economies slowing down and costs continuing to rise, we remain cautious,” F J Benjamin CEO, Douglas Benjamin.
“Initial response to Avenue on 3, our latest lifestyle concept store in Singapore, has been encouraging. Management is focused on pursuing revenue synergies and exploring opportunities to strengthen our earnings base.”
The earnings update comes on the back of the opening of Avenue on 3, spanning over 8,000 square feet of space at Paragon Shopping Centre, in mid-April. The location boasts a luxury shoe store, a café, suites for beauty treatments, a champagne bar and a chocolatier.
In the last 12 months, the group opened 18 new stores and closed 14 stores, bringing its total network to 148 stores in Singapore, Malaysia, and Indonesia.