Fawaz Abdulaziz Alhokair Co. has developed a clear strategy to tap the fragrance and cosmetics market, Mohammed Abbaoui, Chief Financial Officer, told Al-Arabiya TV on Monday.
Abbaoui ruled out plans for store closures this year, adding that the retailer usually replaces old brands for unprofitable stores in prime locations instead of shutdowns.
Alhokair had earlier shut 75 stores, of which 30 were located outside the Kingdom.
Commenting on the company’s Q3 2017 performance, Abbaoui attributed the slight decline in net profit to market conditions in the last quarter.
He added that the 2016 school holidays fell in November but did not coincide with the same period in 2017. Therefore, Alhokair focused on higher-margin products to record sales.
The Saudi retailer’s net profit edged down 1 percent year-on-year to SAR 48.69 million in Q3 2017, Argaam reported.
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