First Lady stores chain culled as profits fall
First Lady stores parent, Singaporean investment firm Second Chance Properties, has reported a 61.6 per cent fall in second quarter net profit to S$2.1 million (US$1.54 million) from last year’s S$5.4 million (US$3.96 million) based on lower sales volumes.
A statement from the firm blamed low consumer spending and the rise of online sales as being responsible for the drop in revenues. To avert potential losses, Second Chance will be shuttering four of its First Lady apparel stores, leaving a single outlet operating in Singapore and one in Malaysia.
The company’s financials are also likely to take a hit from expected falls in profits from its gold and rental property businesses.