Fawaz Abdulaziz Alhokair Co.’s Q1 earnings were bolstered the Saudi market, which accounted for 85-90 percent of total sales, chief financial officer Mohammed Abbaoui told Al Arabiya TV on Sunday.
Alhokair is currently shutting down small, loss-making stores and focusing on larger ones to enhance revenue, Argaam earlier reported.
The company in Q1 sold its investments in loss-making clothing retailer Blanco, without facing negative financial impact, Abbaoui added.
Alhokair’s Q1 ended in June 2017, unlike other Saudi listed companies which just wrapped up Q2.
The retailer is currently focused on online sales, as well as adding new services, such as allowing customers to reserve products at its website and at stores, Abbaoui added.
“Despite tough conditions, Egypt remains a key market for the company,” he added.
Alhokair reported a net profit of SAR 232.4 million for the first quarter of fiscal year 2017-18, up 4 percent year-on-year.
In July, the retailer agreed to acquire a 10 percent stake in Turkish bakery chain Simit Sarayi, Argaam reported. Under the agreement, Alhokair plans to roll out more than 250 stores in the next 4 years and reach a total portfolio of over 300 Simit Sarayı stores by the end of 2021.
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