Riyadh-Mubasher: Muhammad Al-Agil, chairman of Jarir Marketing Co. (JMC), said the expected decline in the first-quarter sales are due to the strong growth recorded in the same period a year ago as well as falling oil prices.
"This is an exceptional decline and the sector does not face any problems," Al-Agil said.
The company earlier announced that the sales of all segments especially electronics will decline in the first quarter of 2015.
Al-Agil told Mubasher that the exit of foreign investors from Jarir is due to the fact that they lowered their shareholdings remarkably in the developing markets over the last six months. "This has nothing to do with Jarir or the Saudi market," he added.
Al-Agil added that the retail sector will face some challenges especially after the fall in oil prices, but this will not last for long.
Translated by Abdul Maguid Aboshahla
