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RETAIL | Staff Reporter, Singapore

Isetan warns of full-year loss as retail woes mount

Sales dropped while rents rose.

Isetan Singapore is expected to report a loss for the current financial year, the company warned in a statement to the SGX.

The group blamed its losses on lower sales, higher rental expense and lower other income.

The company is also assessing if it is necessary to provide an impairment loss for property, plant and equipment. If it is deemed necessary to provide for such an impairment loss, there will be further impact to Isetan’s bottom line.

Further details of the Company’s financial performance will be disclosed when IT announces its unaudited financial results for FY2015 on or before 29 February 2016. 

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