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DFI Retail reports 'significantly improved' performance in Q1

The group's subsidiaries recorded rising profits, except in Grocery and Furnishings.

SGX-listed DFI Retail Group Holdings saw a "significantly improved" year-over-year performance in Q1 due to its subsidiaries reporting a modest increase in their operating profit, the Group said in a filing.

The group's interim management statement reported a strong recovery in its Health and Beauty and Convenience divisions. 

However, its grocery retail division had lower results due to consumer buying patterns returning to normal after an exceptional performance last year and the continuing digital investments.

Meanwhile, the revenue from the group's home furnishings division fell behind in Q1 than last year due to reduced demand for furniture, with the border re-opening likely shifting short-term spending toward leisure activities, particularly in Hong Kong and Taiwan.

These trading challenges also reduced the division's profitability, but its robust cost control partially counterbalanced the impact.

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