L’azurde 4Q16 earnings drop 86% Y-o-Y on lower consumer spending trends
L’azurde Company for Jewelry’s [4011.SE] 4Q2016 earnings were down 86% Y-o-Y (+377% Q-o-Q) reaching cSAR1.6 mn due to weaker consumer spending as per the company’s disclosure. Revenue fell 48% Y-o-Y and were lower in KSA by 17%, in Egypt by 69% and in other GCC countries by 50%. Wholesale revenue declined by 63%, while retail sales increased 13%. Meanwhile, gross profit for quarter came in at SAR12.6 mn (-77% Y-o-Y) and operating profit was flat Y-o-Y at SAR30mn. (Tadawul)
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