Saudi fashion retailer Fawaz Abdulaziz Alhokair & Co said on Saturday that its net profit for October to December 2011 more than doubled compared to the same period in 2010 on higher sales.
In a statement to the Saudi bourse, the company said it achieved net profit of SR76.5M, an increase of 126 percent compared to the same period in 2011.
However, the results represented a drop of 62 percent compared to the previous quarter.
Alhokair said in November that it plans to open 400 new stores within the next two years both at home and abroad and does not see demand in the kingdom declining anytime soon.
The company, which has 75 franchises in the Middle East and 1,300 stores worldwide, expects its growth this year and next year to be stronger than in 2010.
Net profit for the nine months ended December 31 was SR360M, an increase of 38.5 percent compared to the same period in 2010.
Alhokair said the reasons for increase in net profit in the nine months and the three months ending Dec 31 was an increase in sales.
It added the company had been successful in adding new brands and increasing the number of stores for the brands in both Saudi and international markets.
It also said in the statement that operating expenses had been "well controlled to achieve the desired operating leverage from increasing the sales".
The decrease in quarter-on-quarter net profit, it said, was due to the seasonal factor of Ramadan.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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