Isetan's losses jumped to $5.8m in Q2

Due to a double-digit sales drop.

Flagging sales and intense retail competition caused Isetan to report a net loss of $5.8m in the second quarter, compared to a net loss of $1.2m in the same period last year.

The group's sales dropped by 13.5% to $10.8m, with sales declining across all stores except for Isetan Jurong East.

At Isetan Scotts, the higher rental expense
affected the results of the store and was also the main reason for the overall increase in the rental expense.

Isetan Orchard did not contribute rental income as it is still the process of finding tenants and converting
its space.

"Moving forward, group sales will be affected by major renovations being carried out in phases at Isetan Scotts supermarket that will last into 2016. Sales will also be impacted by Isetan Orchard where there has been no sales since the beginning of April 2015 as the store space is being converted into rental area. As such, the group results for 2015 is not expected to be better than that of 2014,” Isetan said.

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