Due to rising competition in the convenience stores space.
The company planned to have only 50 new stores instead of the original proposal of 80 as it aimed to focus on product quality and expanding its stock-keeping units, according to Kenanga Research.
“We now project its utilisation to only rise from an estimated 60% to 70% over the near term as we have yet to see any significant jump in its productivity after the recent arrival of foreign workers,” Kenanga Research added. Kenanga Research has taken a cautious outlook and cut its estimates for MyNews’ net profit for FY23 to FY24 by 26% and 17% respectively to reflect the scaled-back expansion plan and a slower 6% growth in same-store sales.
“Despite higher-than-expected losses in the 1Q23 due to elevated operating costs, there were bright spots such as its ability to post record quarterly sales and gross profit margin improvement,” it said.
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