Department store operator Parkson Retail Asia O9E announced that its FY2022 ended Dec 31, 2022, earnings (from continued operations) have increased by 88.1% to $28.8 million from $15.3 million a year ago.
This came on the back of 67.5% y-o-y growth in revenue to $233.2 million from $139.2 million last year. Revenue saw growth across all segments, led by sales of goods (direct sales) seeing a 60% y-o-y increase to $101.1 million and commission from concessionaire sales gaining 73.5% y-o-y to $127.4 million.
Gross sales proceeds from continuing operations also saw a 66.0% increase to $597.4 million from $359.8 million a year ago. This was thanks to a 65.9% y-o-y increase in total merchandise sales to $592.7 million, largely due to higher sales attained by the Malaysia operation as a result of the recovery from the Covid-19 pandemic against some form of Covid-19 restrictions of the corresponding period.
Merchandise sales mix remained largely concessionaire at 82.9% (FY2021: 82.3%) while contribution from direct sales was 17.1% (FY2021: 17.7%). Merchandise gross profit margin stood at 26.9% (FY2021: 25.4%).
For its 4QFY2022 period, earnings were down by 60.5% y-o-y at $6.7 million from $17.0 million, despite revenue gaining 23.0% y-o-y to $68.2 million.
Cash and cash equivalents stood at $97.4 million as at end-December 2022.
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Despite its earnings growth for the FY2022 period, the group did not declare any dividends as it says that it is “still in accumulated losses position”.
Shares in Parkson closed 11.9% higher at 11 cents on Feb 21.
