SSF Home Group executive director Lok Kok Khong
KUALA LUMPUR: SSF Home Group Bhd
is navigating through a period of softer consumer demand, but is positive over the outlook for consumer spending in Malaysia, said executive director Lok Kok Khong.
"As we continue to enhance customer engagement and adapt to market dynamics, we are confident in our ability to capitalise on the increasing consumer spending power, supported by the flexibility of Employees Provident Fund (EPF) Account 3 withdrawals and the positive outlook for Malaysia's retail trade," he said in a statement.
"As we move forward, our focus remains on executing our strategic plans effectively, including the opening of more outlets and enhancing operational efficiencies. The improved retail environment and resilient consumer demand will serve as key drivers for our continued growth."
In its first financial quarter ended July 31, 2024, the furniture, home decor and home living products retailer posted a net profit of RM1.25mil, which was less than half the net profit of RM2.65mil in the year-ago quarter.
This came on the back of lower revenue of RM32.03mil as compared to RM39.31mil in 1QFY24.
According to Lok, the decline was attributed to the challenging market environment, although the group continued to demonstrate operational resilience.
"Despite the softer revenue in this quarter, SSF has remained focused on maintaining solid gross margins and implementing strategic initiatives aimed at driving long-term growth," he said.
