PARKSON GROUP (03368) issues profit warning, expecting a shareholder's net loss of 175 million yuan in 2024, turning from profit to loss year-on-year.

PARKSON GROUP (03368) announced that the Group is expected to incur a net loss of approximately RMB 175 million for the year ending December 31, 2024, compared to a net profit of RMB 66.4 million for the same period in 2023. The announcement attributed the loss mainly to a decrease of approximately 10.8% in the Group's operating income compared to the same period in 2023. This decrease is primarily due to the slower-than-expected economic recovery, leading to a downgrade in consumption and consumers being more cautious in their spending.