CS Fresh Gold Paragon, Singapore provides a premium supermarket experience
Sales of Goods (US$)
3.3 billion
Operating Profit (US$)
45 million
Store Network*
1,907 stores
Business Review
Reported sales revenue for the Food division in 2023 was US$3.3 billion. Excluding the impact of the Malaysian Grocery Retail divestment, revenue for the division reduced by 5%. Underlying operating profit for the division was US$45 million for the year, compared to US$91 million in the prior year.
CS Fresh Gold Paragon, Singapore provides a premium supermarket experience
Reported sales revenue for the Food division in 2023 was US$3.3 billion. Excluding the impact of the Malaysia Grocery Retail divestment, revenue for the division reduced by 5%. Underlying operating profit for the division was US$45 million for the year, compared to US$91 million in the prior year.
Wellcome’s LFL sales growth in the first half of 2023 was adversely affected by the absence this year of the pantry stocking behaviour that occurred during the fifth wave of COVID in Hong Kong in the equivalent period last year. LFL sales momentum improved in the second half. Nevertheless, the rising frequency of travel from Hong Kong residents into the Chinese mainland is now impacting shopping behaviour, particularly during weekends. Despite the challenges, the Wellcome team continued to execute well in stores, which has supported continued market share gains. While Wellcome profitability reduced in the first half of the year, strong margin and cost control contributed to profit growth in the second half relative to the prior year. Digital growth remains a priority for the Wellcome team and the wellcome.com.hk website launched in October 2023, in addition to the existing app. The yuu Rewards programme in Hong Kong also continues to grow, and now has 4.9 million members.
Hero Supermarket team member Muhamad Firdaus from Hero Kota Wisata
M. Cellars is Meadows’ exclusive selection of fine wines
The largest Market Place at The Wai, Hong Kong opened its doors in July 2023
The newly transformed Cold Storage store at Joo Chiat, Singapore
Hero Supermarket team member Muhamad Firdaus from Hero Kota Wisata
M. Cellars is Meadows’ exclusive selection of fine wines
The largest Market Place at The Wai, Hong Kong opened its doors in July 2023
The newly transformed Cold Storage store at Joo Chiat, Singapore
South East Asia Food sales performance was adversely affected by intense competition and weakening consumer sentiment caused by cost-of-living pressures. Profitability was impacted by soft sales as well as rising cost pressures, particularly labour costs. Growing the contribution from digital sales has remained a key focus area for the management team. The yuu Rewards programme in Singapore, which was launched in October 2022, has now reached 1.5 million members, with the Food banners leading the programme in terms of transaction penetration. In September 2023, the Singapore Food business also launched one hour delivery in partnership with Foodpanda, with initial encouraging results.
In March 2023, the Group completed the divestment of its Malaysia Grocery Retail business. The sale of all six associated properties in Malaysia completed in the second half of 2023.
