Retail Footfall Fell on Lower Tourism, Says Spinneys CEO
Dubai-listed Spinneys reported a 2Q profit of AED90.6 million despite experiencing a slight revenue decline attributed to reduced store footfall and supply chain disruptions. The retailer cited regional geopolitical tensions and lower tourism as primary factors affecting its financial performance during the quarter.
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Retail Footfall Fell on Lower Tourism, Says Spinneys CEO
Spinneys, a Dubai-listed retailer, reported a 2Q profit of AED90.6 million despite facing headwinds from reduced consumer traffic and supply chain disruptions. The company attributed the slight revenue decline to regional geopolitical tensions that negatively impacted both store footfall and operational efficiency. CEO Sunil Kumar highlighted these external challenges as key factors affecting the retailer's recent performance.
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