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Sheng Siong rings in higher Q1 profit, sales

Published on Apr 24, 2014 5:51 PM
 
Home-grown supermarket chain Sheng Siong opened its first store located at 122 Ang Mo Kio Avenue 3 in 1985. Supermarket operator Sheng Shiong Group has rung up a 19.3 per cent rise in first quarter net profit to $12.5 million. -- ST FILE PHOTO: KEVIN LIM

SINGAPORE - Supermarket operator Sheng Shiong Group has rung up a 19.3 per cent rise in first quarter net profit to $12.5 million.

Revenue for the three months to March 31 was up 5.7 per cent at 189.7 million on higher sales from existing stores as well as contributions from eight new stores.

Comparable same store sales rose by 3 per cent. It would have been 3.9 per cent higher, if the stores at Bedok Central and The Verge, which were affected by construction work in the vicinity, were excluded.

The increase in comparable same store sales was the result of longer operating hours for most of the stores and marketing initiatives.

 
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