DFI Retail still expects underlying earnings of up to $297m for FY2024

DFI Retail Group said in a bourse filing on May 23 that it continues to expect its underlying profit for financial year 2024 to be between US$180 million and US$220 million (S$243 million and S$297 million), in line with its guidance released in March.

Although the group reported strong profit growth in the first quarter, the growth trend is expected to decelerate over the remainder of the year, reflecting the group's stronger performance in the comparable period in 2023.

In its interim management statement for the first quarter of FY2024, the group said its underlying subsidiary revenues, excluding the impact of divestments, increased by 2 per cent compared with the same period in FY2023.