TOMEI CAUTIOUS ABOUT SETTING TARGET
Jewellery retailer hopes to improve results, open more stores, says MD
INTEGRATED jewellery manufacturer and retailer Tomei Consolidated Bhd is still cautious about setting a target for its financial year 2022 due to market uncertainties.
Managing director Datuk Ng Yih Pyng said Tomei hoped to improve its performance and lift its profitability.
“Although the group was not directly impacted by foreign labour cost, we believe it would affect our sales and overall performance (indirectly).
“We are still cautious (in setting a target) because of the (higher) staff cost, foreign labour cost and external factors such as the Ukraine-Russia conflict and the US dollar performance,” he said after Tomei’s annual general meeting yesterday.
As such, Ng said the group needed to provide better in-store and after-sales services, as well as embark on creative marketing to attract customers.
He said Tomei had to come out with more fashionable and unique jewellery designs.
On expansion plans, he said Tomei aimed to open at least two new stores by year end, following the opening of two stores in
Langkawi and Tunjung (in Kelantan) early this year.
“We plan to open two or three more stores. However, we have not decided on the locations yet,” he said, adding that it was considering the East Coast states. “We may also relocate a few stores based on their performances.”
Ng also said Tomei did not make predictions on gold prices.
“Generally, the weakening of the ringgit will cause the gold price (in ringgit) to go higher. But when the United States Federal Reserve increased the interest rate, the gold price in US dollar weakened slightly but that is compensated by the depreciation of the ringgit,” he said.