KL Sogo eyes RM600m in sales this year
Published on: Thursday, November 03, 2016
Kuala Lumpur: Sogo (KL) Department Store Sdn Bhd expects its retail outlet, KL Sogo, to register RM600 million in sales this year, similar to that in 2015.Sogo Deputy Group Chairman, Datuk Andrew Lim Tatt Keong, said most of the company's customers were now used to the goods and services tax and other issues. "We have seen a slight uptick in the consumer sentiment. Our Deepavali sales also turned out good," he told reporters at the signing ceremony between RHB Bank Bhd and Sogo on RHB financial supply chain (RHB FSC) here Wednesday.
ADVERTISEMENT
Under the RHB FSC initiatives, Sogo partners with RHB to provide a convenient and seamless online platform for financing and payment solutions.Sogo Group Chairman, Datuk Mohamed Khadar Merican, said over 1,000 Sogo suppliers could better manage their cash flow and inventory at a reasonable cost."About 80 per cent of our suppliers would use this facility. It is capable of generating RM500 million worth of business in the rolling year."RHB FSC will not affect our revenue in the short term but in the long run (the revenue will be higher)," he said.
ADVERTISEMENT
RHB Banking Group's Group Managing Director, Datuk Khairussaleh Ramli, said the RHB FSC's facility, starting at RM10 million, would enable suppliers to strengthen their end-to-end supply chain arrangement.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
ADVERTISEMENT
The facility will enable suppliers to be paid fast. By unlocking value from receivables, the suppliers will be able to focus on strategic activities to improve the bottom line. – Bernama
