(RIYADH- 21 January 2015 – TADAWUL: ‘HOKAIR’) Fawaz A. Alhokair & Co. (Fashion Retail) today announces a strong set of interim financial results, with gross profit for the nine months to 31.12.14 at 1,379.16m Riyals, 23.64% higher than the similar period for last year.
Net profit and operational profit are also higher than last year’s results, rising by 3.55% and 5.34% respectively. This outstanding success reflects the achievement of Alhokair Fashion Retail’s ambitious expansion plans. In 2014, 372 stores were opened worldwide, exceeding the businesses annual target of opening a new retail outlet every 24 hours.
Alhokair Fashion Retail also expanded into exciting and dynamic new markets, including Bosnia, Macedonia, Montenegro and Serbia, where, collectively, a total of 45 stores were opened. The impact of expansion on share price has also been significant, rising by 56% in 2014.
Simon Marshall, Chief Executive of Alhokair Fashion Retail, comments: “The last nine months of 2014 were exceptional for Alhokair. Our strategic global expansion programme, which underlines this impressive set of financial results, owes its success to our dedicated employees and its continued prioritisation within the business. Our acquisitions and expansions have been designed to drive sustainable long-term growth whilst continuing to serve the Saudi consumer, providing the breadth of value and choice they demand.