Fawaz A. Alhokair earnings up 48%

Fawaz A. Alhokair and Company has announced its first quarter ending June 30, 2012 earnings results with a net profit of SR 120.9 million, an increase of 48 percent compared to the same period last year.
For the first quarter ended June 30, 2012, Alhokair achieved a net profit of SR 120.9 million, an increase of 48 percent compared to the same period last year SR 81.6 million, and an increase of 38 percent compared to SR 87.3 million in the previous quarter.
The gross profit for Q1 2012 amounted to SR 406.4 million, an increase of 21 percent compared to the same period last year SR 334.7 million.
The operating profit for Q1, 2012 amounted to SR 104.6 million, an increase of 12 percent compared to the same period last year SR 92.7 million.
The Earnings Per Share (EPS) for the 3 months ended June 30 2012 is SR 1.73 compared to the same period last year (SR 1.17).
The increase in net profit compared to the same quarter last year was due to an increase in operating profit from increased same store sales, an increase in the number of stores, the adding of new brands, and in other income due to additional investments income and foreign exchange gains. The increase was a result of a SR 39.5 million increase in operating profit related to increase stores profits.
Alhokair CEO Simon Marshall said: "Our global strategy, encompassing the US as well as the emerging markets of the CIS Region, enhances and augments our domestic position within Saudi Arabia and the wider MENA Region. We continue to enjoy the trust and confidence of existing brand partners, while attracting the interest of new brand partners from around the world. In addition to those agreements announced during the previous year, we will, within the weeks ahead, be announcing further strategically important partnerships with other global retailers. We remain focused on growing revenues by protecting the brand integrity of those brands we are privileged to represent, and providing our customers with the best and most appealing fashion retail experience in the markets that we serve."
Alhokair retail franchise activities operate over 70 international fashion brands through over 1,200 fashion stores, and employ over 4,000 employees. The group operates department stores and fashion brands including Marks & Spencer, Gap, Zara and Mango.