Alhokair posted first-quarter net profit of 224 million riyals (49.21 million pounds) down 10.1% from 249.2 million riyals a year earlier. The firm, which owns franchise rights for brands including Mango, Zara and Banana Republic in the Middle East, said a decline in sales during the quarter was driven by the closure of non-performing stores and the disposal of weak brands as the group press ahead with a “portfolio optimisation strategy.”
Marks & Spencer (M&S) was not immediately available to comment outside of its business hours.
