Advertisement
Singapore markets closed

  • Straits Times Index

    3,410.81
    -29.07 (-0.85%)
     

  • Nikkei

    40,912.37
    -1.28 (-0.00%)
     

  • Hang Seng

    17,799.61
    -228.67 (-1.27%)
     

  • FTSE 100

    8,203.93
    -37.33 (-0.45%)
     

  • Bitcoin USD

    57,839.75
    +1,566.09 (+2.78%)
     

  • CMC Crypto 200

    1,201.24
    -7.46 (-0.62%)
     

  • S&P 500

    5,567.19
    +30.17 (+0.54%)
     

  • Dow

    39,375.87
    +67.87 (+0.17%)
     

  • Nasdaq

    18,352.76
    +164.46 (+0.90%)
     

  • Gold

    2,399.80
    +30.40 (+1.28%)
     

  • Crude Oil

    83.44
    -0.44 (-0.52%)
     

  • 10-Yr Bond

    4.2720
    -0.0830 (-1.91%)
     

  • FTSE Bursa Malaysia

    1,611.02
    -5.73 (-0.35%)
     

  • Jakarta Composite Index

    7,253.37
    +32.48 (+0.45%)
     

  • PSE Index

    6,492.75
    -14.74 (-0.23%)
     

Parkson Retail posts 88.1% increase in FY2022 earnings to $28.8 mil

Samantha Chiew
·2-min read

Parkson Retail Asia posts 88.1% growth in its FY2022 earnings thanks to relaxing Covid-19 measures.

Department store operator Parkson Retail Asia O9E announced that its FY2022 ended Dec 31, 2022, earnings (from continued operations) have increased by 88.1% to $28.8 million from $15.3 million a year ago.

This came on the back of 67.5% y-o-y growth in revenue to $233.2 million from $139.2 million last year. Revenue saw growth across all segments, led by sales of goods (direct sales) seeing a 60% y-o-y increase to $101.1 million and commission from concessionaire sales gaining 73.5% y-o-y to $127.4 million.

ADVERTISEMENT

Gross sales proceeds from continuing operations also saw a 66.0% increase to $597.4 million from $359.8 million a year ago. This was thanks to a 65.9% y-o-y increase in total merchandise sales to $592.7 million, largely due to higher sales attained by the Malaysia operation as a result of the recovery from the Covid-19 pandemic against some form of Covid-19 restrictions of the corresponding period.

Merchandise sales mix remained largely concessionaire at 82.9% (FY2021: 82.3%) while contribution from direct sales was 17.1% (FY2021: 17.7%). Merchandise gross profit margin stood at 26.9% (FY2021: 25.4%).

For its 4QFY2022 period, earnings were down by 60.5% y-o-y at $6.7 million from $17.0 million, despite revenue gaining 23.0% y-o-y to $68.2 million.

Cash and cash equivalents stood at $97.4 million as at end-December 2022.

Despite its earnings growth for the FY2022 period, the group did not declare any dividends as it says that it is “still in accumulated losses position”.

Shares in Parkson closed 11.9% higher at 11 cents on Feb 21.

See Also: