Saudi's Jarir Q1 net up 11.3 pct despite slower sales growth

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Saudi's Jarir Q1 net up 11.3 pct despite slower sales growth

Saudi Arabia's Jarir Marketing posted an 11.3 percent increase in first-quarter net profit on Sunday, although slower year-on-year sales growth meant the retailer marginally missed the average view of analysts. Jarir made 201.3 million riyals ($53.7 million) in the first three months of 2014, compared with 180.8 million riyals in the same period a year ago, it said in a stock market an**uncement. The figure was slightly below the average estimate of seven analysts polled by Reuters, who had forecast a net profit for the period of 206.6 million riyals. Jarir said it estimated tur**ver in the first quarter to be 1.4 billion riyals, up 5.2 percent year-on-year.

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Saudi's Jarir Q1 net up 11>3 pct despite slower sales growth