Despite an FMCG market decline for two quarters in a row across the country, Sri Lanka’s largest state-owned retail chain has successfully boosted its own turnover with stronger numbers to Rs 31 Bn-highest so far.
“I am pleased to say that Lanka Sathosa achieved Rs 31 Bn turnover last year, the highest so far in this network with 15% growth compared to 2016. Also, Lanka Sathosa is the main mechanism of the Unity government to give the lowest prices for consumers and a key mechanism in the determination of Sri Lanka’s cost of living” said the Minister of Industry and Commerce Rishad Bathiudeen under whose purview Lanka Sathosa falls. Minister Bathuideen was addressing the launch event of Lanka Sathosa’s new web www.lankasathosa.org on 30 June in Colombo.
According to officials, the new portal will move to e-commerce next. “We are working towards e-commerce transactions from this website starting from January 2019. This new approach could give a big boost to our sales” said CEO-Lanka Sathosa Dr. Mohamed Faraz. “Lanka Sathosa total turnover is Rs 31 Bn –a 15% growth compared to 2016“ he added.
The growth trend became even stronger this year. In the first six months of 2018, turnover grew by 16% when national FMCG sector in the same six months showed a decline of 12%, according to AC Nielsen.
Lanka Sathosa now has 398 outlets island-wide with over 5000 employees and is now preparing to launch a set of mega stores as part of its network expansion to reach out to other consumer segments.