Retail in Asia

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F J Benjamin narrows FY15 loss

Retail group F J Benjamin’s net loss for the financial year ended 30 June narrowed from SGD22.1 million to SGD16.99 million (USD12.1m).

Revenue slid 20 percent year on year to SGD293.41 million amid a challenging year on the back of reduced business in North Asia, currency volatility as well as lower tourist arrivals. The group rationalised its store portfolio, which caused it to incur impairment charges for store closures, early termination of leases, stock provisions and redundancies.

"While this has impacted turnover, it has yielded significant improvements in the productivity of its stores across the region," the group said.