For the first quarter ended 30 June 2012, Alhokair achieved net profit of SAR120.9m ($32.24m), an increase of 48% compared to the same period last year SAR81.6m ($21.76m), and an increase of 38% compared to the previous quarter SAR87.3m ($23.28m).
The gross profit for the first quarter ended 30 June 2012 amounted to SAR406.4m ($108.36m), an increase of 21% compared to the same period last year SAR334.7m ($91.92m).
The operating profit for the first quarter ended 30 June 2012 amounted to SAR104.6m ($27.89), an increase of 12% compared to the same period last year SAR92.7m ($24.72).
The Earnings Per Share (EPS) for the 3 months ended 30 June 2012 is SAR1.73 ($0.46) compared the same period last year (SAR1.17).
The increase in net profit compared to the same quarter last year was due to an increase in Operating Profit from increased same store sales, an increase in the number of stores, the adding of new brands, and to the increase in other income due to additional investments income and foreign exchange gains.
The increase was a result of a SAR39.5m ($10.53m) increase in Operating Profit related to increase stores profits for the abovementioned reasons.
Commenting on the results, Alhokair CEO Simon Marshall commented: “Our global strategy, encompassing the US as well as the emerging markets of the C.I.S Region, enhances and augments our domestic position within Saudi Arabia and the wider MENA Region. We continue to enjoy the trust and confidence of existing brand partners, while attracting the interest of new brand partners from around the world. In addition to those agreements announced during the previous year, we will, within the weeks ahead, be announcing further strategically important partnerships with other global retailers. We remain focused on growing revenues by protecting the brand integrity of those brands we are privileged to represent, and providing our customers with the best and most appealing fashion retail experience in the markets that we serve.”
Alhokair retail franchise activities operate over 70 international fashion brands through over 1,200 fashion stores, and employ over 4,000 employees. The group operates department stores and fashion brands including Marks & Spencer, Gap, Zara and Mango.
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