Singapore-based electronics and homewares retailer Courts has reported a quarterly profit dip of 16.4 per cent in what it describes as a “weak retail environment”.

The listed company posted a quarterly profit of S$6.56 million in the three months to March 31, down from $7.84 million in the same period a year ago.

Sales for the quarter fell seven per cent to S$192.5 million and for the year to March 31, profits fell a sharp 38.7 per cent to S$17.36 million, on sales down 8.6 per cent to S$758.5 million.

“Singapore’s sales, which contributed to 66 per cent of the group’s sales, registered 11 per cent decrease in FY14/15,” the company said in a statement.

“The decrease in sales was mainly due to a lacklustre retail environment leading to the fall in sales of all product categories, lower bulk sales of digital products and reduced participation in trade show days,” Courts said.

Malaysia accounted for 33 per cent of group sales, but fell by 5.8 per cent largely due to the weaker ringgit and despite some panic buying before the introduction of sales tax on April 1.

But the company expressed optimism for the year ahead.

Two new stores are soon to open in Indonesia, its newest market, providing critical mass to achieve operational efficiency.

Courts also plans to launch into a fourth market with Singapore media tipping Mauritius as the most likely possibility.