Saudi retailer Jarir Marketing Q2 profit falls 17 percent

Reuters

Jarir Marketing, one of Saudi Arabia’s largest retailers by market value, missed analysts’ estimates as it posted a 17 percent fall in second-quarter net profit amid a decrease in sales of computers and office supplies.
It made a net profit of 128.5 million riyals ($34.3 million) in the three months to June 30, down from 154.9 million riyals in the same period a year earlier, it said in a bourse statement.
Four analysts polled had on average forecast Jarir would make a quarterly net profit of 153.1 million riyals.
Among the reasons given for the earnings decrease was a decline in sales of computers and computer supplies, lower gross profit margin, and an increase in selling and distribution expenses as part of its efforts to expand market share.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
Turnover in the second quarter was 1.39 billion riyals, down 1.1 percent on the same three months of 2015.