Shriro Down 5% Market Challenging
Australian consumer electronics distributor Shriro has reported that group revenues declined by 5% in FY19, citing challenging market conditions. However, the group managed to also lower its operating expenses by 5.6%.
Following that difficult year, Shriro stated it has also been impacted by the COVID-19 crisis.
Shriro Chairman said: “Like many businesses, Shiro’s operations have been impacted by the government enforced retail shutdowns and social distancing measures put into place in Australia and New Zealand.”
To mitigate losses, Shriro has reduced its staff’s hours to three days per work, with staff working from home.
In its earnings report, the company said: “Management have developed a plan to realign staff working time to match the anticipated rebound in revenues as stores reopen.”
In particular, Shriro is positive about its new Omega range that launched in April, with the company saying that sales have been “very strong” despite the COVID-19 crisis.
Throughout 2020 Shriro plans on rolling out new instore displays into retail partners and launching a new digital strategy to target the millennial market.
Shriro’s share price has recovered substantially since the lows of March, April, and May, when it averaged $0.43-0.47, to $0.60 today.