FJ Benjamin full-year earnings tumble 68 per cent to $4.4 million
Fashion and lifestyle group FJ Benjamin Holdings posted a 68 per cent year-on-year drop in net profit to $4.4 million for the full financial year on Monday.
Revenue for the 12 months ended June 30 slid 5 per cent from the preceding year to $373.4 million.
The firm pointed to a decline in sales for its timepiece business in North Asia due to slower economic growth in China and weak tourist spending.
It added in a statement: "In Singapore, the retail environment was sluggish and competition intensified as retailers actively engaged in markdowns to clear inventory in an environment of escalating rent and labour costs."