Sheng Siong’s Q2 income rises 11.3% to $15.2m
Thanks to new store growth.
Sheng Siong Group (SSG) saw an auspicious close to 2Q16, as profits for the quarter jumped 11.3% to $15.2m thanks to store expansions boosting topline.
According to a report by OCBC, revenue rose 5.5% YoY to $188.8m, driven by new store growth of 6%. This was partly mitigated, however, by 2.7% YoY from the temporary closure of Loyang Point store.
Moreover, same store sales growth (SSSG) of 2.2% was partially on back of the inclusion of the McNair store, which was closed in 2Q15.
Excluding the McNair store, SSSG would would have been 1.3%, which remains above the 0.5% contraction from Q1.
Meanwhile, gross profit margin also improved from 25.2% to 26.1% thanks to suppliers’ rebates and reduction in input cost from bulk handling.
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