Retailers

Dickson Concepts may close its non-performing outlets

PUBLISHED : Thursday, 05 March, 1998, 12:00am
UPDATED : Thursday, 05 March, 1998, 12:00am

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Upmarket retailer Dickson Concepts International is contemplating closing down its non-performing outlets in the region, according to a report by brokerage Jardine Fleming Securities. The report cited a recent meeting with Dickson executive director Raymond Lee, who unveiled a proposed rationalisation to minimise the company's retail presence in the region amid the consumer downturn. The report estimated Dickson would close 5 per cent of its 283 outlets, which are expected to contribute to a $140 million exceptional loss for the year ended this month. The brokerage said it had downgraded Dickson's net profit for the period by almost 38 per cent to $283.1 million as the decline in sales was larger than expected.