DUBAI, July 14 (Reuters) - Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co reported a 10.25 percent rise in first-quarter profit on Tuesday, missing analysts’ estimates.
The company made a net profit of 210.8 million riyals ($56.2 million) in the three months to June 30, up from 191.2 million riyals in the year-earlier period, according to a bourse filing. Alhokair’s financial year starts on April 1.
Analysts forecast a quarterly net profit of 233.02 million riyals.
Alhokair said its quarterly profit rise was due to an 11 percent increase in operating income to 239.5 million riyals. An 18.8 percent year-on-year jump in sales to 1.98 billion riyals, driven by the opening of new stores and acquisitions, supported the higher operating income.
$1 = 3.7512 Saudi riyals Reporting by Archana Narayanan; Editing by David French