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Tuesday, July 16, 2024

MWG seen closing 200 stores in Q4

The Saigon Times

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HCMC – Mobile World Investment Corporation, whose MWG shares are traded on the Hochiminh Stock Exchange, has said that it might shut down 200 poor-performing stores in the final quarter of this year.

In a report on its January-October business performance, the retailer unveiled a restructuring plan in the fourth quarter to cut costs and improve operational efficiency.

Stores with lower-than-expected sales and profit might be shut down in the final quarter, a representative of MWG said.

MWG reported revenue of nearly VND11.2 trillion in October, up 2.7% year-on-year, the first month with revenue growth this year.

Between January and October, the retailer generated more than VND98 trillion in revenue, down 14% versus the year-ago period. With this result, MWG has achieved only 73% of its annual revenue target.

Closing the trading session today, November 30, MWG inched down by 0.77% to VND38,500 per share, with four million shares changing hands.

The VN-Index of the Hochiminh Stock Exchange today shed 8.67 points, or 0.79%, against yesterday’s session, at 1,094.13 points, with 138 gainers and 362 decliners.

The total trading volume reached nearly 723.5 million units, with a value of VND14.6 trillion, up 17.64% in volume and 16.23% in value compared to the previous session. Block-deal transactions totaled more than 62.24 million shares valued at VND1.5 trillion.

The VN30 group was the main drag as it lost nearly 11.5 points, closing near the resistance level of 1,080 points with 25 stocks declining, only four advancing, and two remaining unchanged from yesterday’s session.

Notably, food manufacturer MSN deducted over 0.83 point from the overall index as it closed the session down by 3.8% to the daily low of VND60,500 per share.

VIX took the lead by liquidity with 38.6 million shares transacted, followed by VND with 28.33 million shares.

With 77 winners and 83 losers, the HNX-Index of the Hanoi Stock Exchange slid 0.88 point, or 0.39%, over the previous session, to 226.15 points. Trade on the northern bourse amounted to nearly 97.86 million shares worth VND1.9 trillion, with 1.44 million shares traded in put-through deals.

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