Sheng Siong Group earns $415.5m revenue in Q3 amidst store expansion

The firm opened 90 stores and saw a 4.4% YoY improvement in store sales during the quarter.

Sheng Siong Group Ltd. earned $415.5m in revenue in the third quarter of the year, a rise of 14.4% year on year, driven by new store openings and an improvement in comparable same-store sales.

“This growth was primarily driven by the net increase in total stores to 90, up from 79 in the same period last year,” Sheng Siong said in its Q3 financial results. “In addition, comparable same-store sales improved by 4.4% on a YoY basis,” it added.

During the period, the firm said it opened four stores and one at Mount Vernon Rd in October, and it plans to open another store at Leisure Park Kallang in the fourth quarter.

Meanwhile, the business saw its gross profit increase by 15.2% YoY to $131.1m in Q3, with gross profit margin having a marginal improvement by 0.2 percentage points to 31.5%.

Sheng Siong attributed the profit margin to continual improvements in the sales mix and rising business operation costs.