Saudi retailer puts up strong second quarter results

Riyadh: Saudi fashion retailer Fawaz A. Alhokair and Co. recorded net profits of 252.4 million Saudi riyals in the three months to end September from a 25 per cent year-on-year gain. The retailer’s network includes stores for Zara, Marks & Spencer, Gap and Aldo, among others. There was also a network expansion — by more than 120 stores — brought on by the acquisition of the Nesk Group. “Our expansion strategy across brand acquisitions and new store introductions has allowed us to keep our offerings to our customers up to date with the latest fashions,” said Simon Marshall, CEO.