Isetan Singapore losses mount
Isetan Singapore has reported a third straight quarterly loss.
The high profile, Japanese-owned four store strong department store chain has more than doubled its loss of the same quarter last year.
The company says sales were down in all of its stores, a trend evident in the results of other locally listed retailers in recent weeks including Metro and FJ Benjamin, and even Courts whose Singapore sales were down despite a significantly increased profit.
In the three months to September 30, Isetan Singapore lost S$6.15 million. That compares with a $2.93 million loss in the same quarter last year and a $5.85 million loss in the preceding quarter to June 30.
Sales fell 14 per cent year on year to $68.71 million, partly due to the March closure of its Isetan Orchard store at Wisma Atria. (The company will now lease that space to various retailers.)
“With the exception of Isetan Jurong East which is still experiencing growth in sales, the other stores had lower sales,” Isetan Singapore said in a statement.
“Moving forward, the slower economic growth may impact sales and the trading environment is expected to remain very competitive among retailers.”