- Sheng Siong (SGX:OV8)’s 1Q26 revenue increased 12.4% y-o-y to S$452.8m, primarily driven by 12 new store openings and stronger festive sales during Chinese New Year and Hari Raya Puasa.
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Strong 1Q26 performance; earnings ahead of expectations.
- On a q-o-q basis, 1Q26 gross profit margin moderated from the record 32.0% in 4Q25, as 1Q is seasonally softer due to promotional activity.
- PATMI increased 12.0% y-o-y to S$43.2m in 1Q26, representing 27% of our initial full-year forecast, which we view as above our expectations.
Store expansion on track; three new stores in pipeline.
- Comparable same-store sales grew 3.5% y-o-y in 1Q26, while new stores delivered 9.3% y-o-y sales growth. Sheng Siong ended 1Q26 with 87 Singapore stores and six China stores, up from 77 Singapore stores in the same period last year. No new openings happened in 1Q26, but management guided for two new stores in 2Q26 and one new store in 3Q26.
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Distribution centre CAPEX funded from internal cash resources.
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