Business Review

Health & Beauty


Health and Beauty division revenue increased by 12%, driven by strong double-digit LFL sales growth. Underlying profit increased by 66%

Group Sales*


Group Profit

  • Health and Beauty
Sales of goods, including share of associates and joint ventures.
Based on operating profit before effect of adopting IFRS 16 and share of results of associates and joint ventures, excluding selling, general and administrative expenses and non-trading items.

Health & Beauty

Mannings Cat with a pharmacist

DFI Retail Group’s Health and Beauty business operates across Asia through well-established and trusted brands such as Mannings and GNC in North Asia, and Guardian in Southeast Asia, serving our customers with a wide range of health, beauty, personal care and baby care products.

Health and Beauty division revenue increased by 12% to US$2.0 billion, driven by strong double-digit LFL sales growth. Underlying operating profit increased by 66% to US$94 million, driven by solid sales growth.

In Hong Kong, the Mannings business benefitted from strong demand for COVID-related items (such as medicines, vitamins, paper products, masks, hand sanitiser and cold & flu medication) in the first quarter. Like the Wellcome team, the Mannings team also exhibited extraordinary resilience in the face of COVID-related challenges. At the peak of demand, staff shortages at the Mannings distribution centre reached over 40%, and out-of-stocks were between 25% and 40%, depending on the product category. The Mannings team continues to execute its offering well, with record high market share levels. At the same time, customer promotions are also being optimised, with a balance between full-price sales and promotion participation. On Own Brand, Mannings has also made some encouraging progress, achieving strong volume penetration.

Chinese Mainland The Philippines Hong Kong Macau Cambodia Vietnam Malaysia Singapore Brunei Indonesia
Chinese Mainland The Philippines Hong Kong Macau Cambodia Vietnam Malaysia Brunei Singapore Indonesia

Total Sales of Goods

US$ 2.6 b

Operating Profit

US$ 94 m

Store Network

2,552 stores

Health & Beauty

‡ Including 100% of associates and joint ventures.

In SEA, LFL sales for our Guardian business saw double-digit growth, with profitability also growing strongly. The performance of our Guardian business over the past two years has been severely hampered by COVID and associated restrictions. As countries within SEA have removed pandemic restrictions, however, traffic has grown and there has been an associated LFL sales improvement. Guardian Singapore reported strong double-digit LFL sales growth, driven by strong demand for COVID-related items, as well as a recovery in the performance of tourist stores. Guardian Malaysia reported strong growth in sales and profitability as result of a recovery in both tourist and mall store sales. Guardian Indonesia reported over 30% growth in LFL sales, supported by a recovery in mall foot traffic.