LJ Williams reports loss for first quarter

RETAIL, distribution and shipping company LJ Williams reported a $1.28 million loss after tax in its financial results for the first quarter of the year ending March 31, shared on the TT Stock Exchange’s website on August 13.

For the same period the year before, the company reported $1.35 million in losses.

Chairman Lawford Dupres said a softening in demand for retail items has significantly affected sales.

In its statement of comprehensive income, the company reported $32.6 million in sales for the quarter, as compared to $38.9 million for the same period the year before.

“The Home Store had a poor first quarter, which reflected in the general slowdown in retail activity,” Dupres said.

He noted that in Guyana, the store’s performance has shown improvement over the last year, because of the ability to source products directly from suppliers.

The company expects to expand its footprint in Guyana by the end of the year.

Other segments showed varied results. Dupres said food and allied lines sales were lower in the face of an increase in prices from suppliers.

Shipping showed a nine per cent improvement in sales, with an expectation of greater improvement as the year continues.

Dupres said the company is taking steps to further reduce costs and improve sales by adjusting its mix of retail products.

As a result, Dupres said the company should expect to see a turnaround by 2025.

“The company expects its financial performance to improve with the resilience and strength of its brands,” Dupres said.