Channel NewsAsia

Courts Q1 net profits down 27.9%

Courts Asia attributed the drop in earnings to higher distribution, marketing and administrative expenses, and expects its performance in Singapore to remain lacklustre in the short term.

SINGAPORE: Singapore-listed home and lifestyle retailer, Courts Asia, on Wednesday (Aug 13) booked a 27.9 per cent decline in first quarter earnings, compared to a year ago.

Net profit for the three months ended in June came in at S$5.1 million. The group reported a dip of 1.5 per cent in sales to S$194.1 million.

Courts Asia attributed the drop in earnings to higher distribution, marketing and administrative expenses, as it expanded its operations in the region. Sales from Singapore, which made up about two-thirds of the group's sales for the quarter, was down by 5.9 per cent.

The retailer said it expects its performance in Singapore to remain lacklustre in the short term amid the challenging retail environment.