Jarir says expects 30% drop in Q1 sales

Jarir Marketing Co. (JMC) has projected a 30 percent drop in its sales for Q1-2016, when compared to the same quarter last year.

Sales at branches within the kingdom and abroad are expected to fall across most product categories, with Smartphones and computers set to witness the biggest declines, Jarir said in a statement to Tadawul.

The lower sales are not seen to impact expansion plans, the bookstore operator said, adding that it would still plan to open six or more branches this year.

In February, JMC said it projected FY-2016 net profit to grow by only 5 percent year-on-year (YoY) due to the current market conditions.