Dairy Farm International Warns on Coronavirus Hit to 1Q Performance
April 28 2020 - 6:17AM
Dow Jones News
By Adria Calatayud
Dairy Farm International Holdings Ltd. said Tuesday that its
overall first-quarter performance was significantly affected by the
coronavirus pandemic and deteriorating consumer sentiment.
Although the company's grocery retail sales and profit benefited
from changing customer behavior as a result of antipandemic
measures, its health-and-beauty and convenience businesses, as well
as 50%-owned associate Maxim's all experienced a deterioration in
the quarter, Dairy Farm said.
The Hong Kong-based retail company said it has taken a series of
steps to control costs and preserve its cash position. The company
remains confident in its overall financial position and said net
debt at March 31 was $991 million with $456 million of
liquidity.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
April 28, 2020 06:02 ET (10:02 GMT)
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