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FINANCIAL NEWS
Saudi Jarir Co. sales to fall by 30 percent in Q1
09 Mar 2016
(MENAFN) Jarir Marketing, one of Saudi Arabia’s biggest retailers, proclaimed that its sales would drop by more than 30 percent in the first quarter of this year.
Moreover, the firms predict that the decline will influence most departments, especially electronics due to lower sales of smartphones as well as computers.
Additionally, the drop is because sales were unusually high in the cited quarter of 2015, when they reached USD 507mn, and due to low oil prices.
The gov’t spending curbs had cut payments and other bonuses to workers in the public sector, where Saudi citizens may have reduced their income by 10 percent.
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