Dairy Farm International Hldgs Ltd Interim Management Statement (7370O)
November 09 2016 - 4:09AM
UK Regulatory
TIDMDFI TIDMJAR TIDMJDS
RNS Number : 7370O
Dairy Farm International Hldgs Ltd
09 November 2016
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory
Information Service approved by the Financial Conduct Authority in
the United Kingdom.
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
Interim Management Statement
9th November 2016 - Dairy Farm International Holdings Limited
has today issued an Interim Management Statement for the third
quarter of 2016.
All Divisions did well to achieve sales growth compared with the
third quarter of last year against a background of fluctuating
demand. Underlying earnings were also ahead of the prior year as
higher contributions from Food, Restaurants and Yonghui offset
slightly lower profits from the Health and Beauty and Home
Furnishings Divisions. Similar trading conditions are expected to
continue for the remainder of the year.
In the Food Division, sales in the hypermarket and supermarket
operations showed some improvement for the period despite modest
like-for-like sales growth being offset by some store closures.
Slightly higher margins helped to produce an increased profit
compared with the same period last year. Higher sales were seen in
the convenience store operations in Hong Kong, Singapore and
mainland China, with like-for-like sales growth stronger than in
the first half of the year. Profitability of the convenience store
operations also improved.
In the Health and Beauty Division, sales were higher than the
prior year and overall like-for-like sales growth improved compared
with the first half of the year. Profitability remained marginally
below the prior year, however, principally due to margin erosion in
Hong Kong and Malaysia.
While overall sales improved in Home Furnishings, like-for-like
sales growth moderated compared with the first half. Profitability
was slightly below that of the prior year, in part due to stock
clearance activities.
Maxim's had a seasonally strong quarter in both sales and profit
compared to the prior year, partly due to its successful mooncake
sales programme during the Mid-Autumn Festival period.
In August, the Group completed its further US$190 million
investment in Yonghui to maintain its 19.99% shareholding following
a 10% share placement by Yonghui to internet retailer JD.com. Net
debt was little changed at the end of the September 2016.
Dairy Farm is a leading pan-Asian retailer. The Group, together
with its associates and joint ventures, operate some 6,500 outlets
- including supermarkets, hypermarkets, convenience stores, health
and beauty stores, home furnishings stores and restaurants -
employing over 180,000 people, and had total annual sales in 2015
exceeding US$17 billion. Dairy Farm International Holdings Limited
is incorporated in Bermuda and has a standard listing on the London
Stock Exchange as its primary listing, with secondary listings in
Bermuda and Singapore. It is a member of the Jardine Matheson
Group.
- end -
For further information, please contact:
Dairy Farm Management Services Limited
Neil Galloway (852) 2299 1896
Brunswick Group Limited
Siobhan Xiaohui Zheng (852) 3512 5044
This and other Group announcements can be accessed through the
internet at 'www.dairyfarmgroup.com'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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