SINGAPORE (Yosefardi) – F J Benjamin Holdings, Singapore’s leading fashion and lifestyle group, reported 85% drop in net profit after tax to $0.3 million for first quarter ended 30 September 2013.
Group turnover improved by 2% to $96.0 million from $94.3 million last year. The fashion business which accounts for about 71.5% of Group turnover continues to enjoy topline growth.
Sales in Singapore reported double-digit growth due mainly to full three-month operations of stores opened last year and higher shipments to Indonesia, while Malaysia dipped slightly.
The company said several new stores are set to open in Singapore. The Group will also open two Superdry stores in Kuala Lumpur by end December. The first boutique of TOM FORD, one of the world’s most coveted upscale brands, will open in the Republic early next year, followed by a flagship store in Jakarta, Indonesia in 2015.
Geographically, sales in Southeast Asia rose 8% to $79.1 million, with fashion growing by 6% and timepiece, by 17%. This was partly due to increased shipments to Indonesia for both fashion and timepieces.
Indonesia continued to see growth with domestic sales rising by 5% despite the currency turmoil during the quarter. Sales continued to soften in North Asia as the luxury timepiece business in Hong Kong fell 25% while in China, it declined 47%.