Kamdar To Add New Stores And Start Franchise Scheme

Malaysia Star:

Textile retailer Kamdar Group (M) Bhd, which dropped a proposal to pay dividends to shareholders after creditors shot down the plan, said it will continue to add new stores despite concerns that consumers may spend less on clothing due to rising fuel and food prices.

“We got to take advantage of the situation and be aggressive in our pricing and expansion strategy,” chief executive Jayesh Kamdar told reporters after the company AGM yesterday.

He added that the group was confident of achieving its targeted growth number in the current year ending Dec 31, 2008 (FY08).
“We expect a better year ahead based on our performance in the past six months,” he said.

Kamdar reported a slight loss in the first quarter ended March 31 due to taxation. The first quarter is also traditionally the weakest period for the retailer.

Over the next two months, Kamdar will open its first two stores in Sabah and Sarawak - one each in Kota Kinabalu and Kuching.

The company is also waiting for the green light from local authorities for an outlet in Taiping, Perak.