L’azurde 2Q2016 earnings down 5% Y-o-Y on lower revenue due to decline in consumer spending
L’azurde Company for Jewelry’s [4011.SE] 2Q2016 earnings were down 5% Y-o-Y (-58% Q-o-Q) reaching cSAR21.4mn due to generally lower consumer spending vs. last year as per the company’s disclosure. Revenues were lower in KSA by 7%, in Egypt by 33% and in other GCC by 54%. Wholesale revenue declined by 28%, while retail declined by 1% only. Meanwhile, gross profit for quarter came in at SAR68.8mn (-21.7% Y-o-Y) on lower sales as a result of the decrease in consumer spending, while operating profit declined 7% Y-o-Y to SAR33.2mn. (Tadawul)
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