Store ran out of fashion with Consumers.. tutup pintu

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An honorable member of the Coffee Shop Has Just Posted the Following:

FJ Benjamin -- whose portfolio includes Gap, La Senza and Raoul -- posted a net loss of S$5.0 million for its fiscal third quarter ended March, reversing from a net profit of S$332,000 in the same period last year.

Group revenue decreased marginally by two per cent to S$90.3 million, while gross margins plunged to 39 per cent from 44 per cent.

"This has been a difficult quarter. We expect the outlook for Singapore and North Asia to remain challenging and are taking steps to close underperforming stores in Singapore," CEO Nash Benjamin said in a statement.

FJ Benjamin said lower spending by Indonesian tourists as a result of the depreciation of the rupiah against the Singapore dollar contributed to the dismal performance.

"Singapore, a key market, was particularly hard hit by aggressive industry-wide discounting, escalating rentals and manpower shortages," it said.

China's economic slowdown and curbs on luxury spending continued to suppress sales of luxury watches in North Asia, it added.

http://www.channelnewsasia.com/news/...e/1100658.html


what a lie.. manpower shortage has nothing to do with poor sales. it's a fact his product could not move the hearts and pursestring of consumers.

also whatever happens in china has nothing to do with domestic sales.

all these will not be enough to cover his a55 when he report back to HQ.


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