Here's why Courts Asia's performance in Singapore was disappointing

Sales were only S$128m.

According to Phillip Securities Research, while it had forecasted higher sales revenue of >S$150 million in Singapore, sales was weaker at S$128 million.

The analyst noted that management has guided this to be due to lower new product launches, particularly Apple products, reducing sales volumes. Lesser trade shows were also done during the quarter.

Here's more:

While sales in Singapore were lower, management noted the following positive performances:

1. Higher gross profit margins, due to the decrease in sale of lower margin Apple products.

2. The newly renovated megastore in Tampines continues to experience strong double digit growth.

3. Sales per square foot in Singapore continue to increase y-y for FY2013.