Pan-Asian retailer DFI Retail Group swung to profit last year thanks to improvements in subsidiaries and associates.
The company’s attributable profit totalled US$32 million while revenue stood flat at US$9.17 billion.
Convenience sales rose 7.7 per cent to US$2.44 billion while health and beauty jumped 20.8 per cent to US$2.44 billion. Food declined 15.2 per cent to US$3.29 billion and home furnishing fell 5.4 per cent to US$793.7 million.
“The group has been encouraged by the significant improvement in performance in 2023.
The recovery in economic activity following the pandemic has, however, brought about changes in customer behaviours to which the group is still adapting,” said DFI Retail Group chairman Ben Keswick.
“In addition, higher interest rates, inflationary pressures and a broader economic slowdown on the Chinese mainland are likely to lead to slower growth in 2024.”
Keswick expressed optimism that Scott Price‘s appointment as CEO effective last August will help the company deliver its medium- and long-term growth targets.
