- Sheng Siong has grown its store footprint by 11% y-o-y (or 9 new stores to 80). Another three stores will be opened in 3Q25. Sheng Siong will end FY25 with at least a 9% rise in footprint. It is the biggest rollout in stores since 2018.
- - Read this at SGinvestors.io -
The Positive
Record gross margins as footprint expands.
- - Read this at SGinvestors.io -
The Negative
Jump in staff costs.
- Staff cost jumped almost 12.7% y-o-y due to a significant wage increment in 2H24 and additional staff of approximately 11% due to new stores rolling out. The progressive wage model and tight labour market added to the pressure on wages.
Outlook
- Read more at SGinvestors.io.
