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The Singapore-listed retailer operating 144 stores for international brands across Southeast Asia has reported a net profit of 1.7 million Singapore dollars (US$1.28 million) for the half year ended December 31, a reversal from a net loss of $1.3 million in the corresponding period last year.
As consumer demand returned, the group recorded 26 percent revenue growth to $45.7 million during the period, with sales up 18 percent in Singapore (excluding exports to Indonesia) and 42 percent in Malaysia. The retail group operates stores across Southeast Asia for more than 20 international brands, including Marc Jacobs, Rebecca Minkoff, Lancel, Pretty Ballerinas, and Guess.
“Management is optimistic the business upturn will be sustained in the near term, supported by the return of Chinese tourists to Southeast Asia,” said group chief executive Douglas Benjamin.
The e-commerce business, which Benjamin said will remain a key pillar of the group’s long-term strategy, accounted for only 3 percent of sales compared to 6 percent in the corresponding period last year. The company reported a 21 percent increase in operating expenses due to higher rents and increased staff costs of $1 million.
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FJ Benjamin added American footwear brand Cole Haan to its portfolio in August, following its acquisition of distribution rights for luxury skincare brand MZ Skin in late May.
The group’s founder and non-executive chairman, Frank Benjamin, retired at the end of last year after more than six decades of building the fashion empire, handing over board leadership to executive chairman Nash Benjamin. His nephew, former COO Douglas Benjamin took on the role of group CEO on January 1.
FJ Benjamin shrugged off the Covid blues after announcing $3 million profit for the FY22, marking its first significant profit in six trading years.
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Singapore’s FJ Benjamin Returns to Profit
The retailer operating 144 fashion and beauty brand stores across Singapore, Malaysia and Indonesia recorded a net profit of 3 million Singapore dollars (US $2.14 million) in the year to June 30, 2022 a reversal of a 10.9 million net loss in the previous year.
