DFI Retail Group's underlying profit up 17% YoY in Q3

The group raised full-year guidance to between $377m and $390m.

DFI Retail Group’s third quarter (Q3) underlying subsidiary profit grew 17% year-on-year (YoY), partly driven by Maxim’s higher contribution, according to its interim management report on 23 October.

The group said that it is on track to achive a full-year underlying profit of between $377m to $390m (US$295m to US$305m), up from previous estimates of $364m (US$285m), supported by organic revenue growth approximating 3% to 4% and a 70% dividend payout ratio.

The group increased its dividend payout ratio to 80% for financial year 2027.

Overall digital profitability almost tripled YoY, with e-commerce, DFIQ Media and Insights making up one-third of total revenue growth in the first nine months.

The Health & Beauty Division delivered 7% sales growth in Q3, or 5% on a like-for-like (LFL) basis across both Mannings and Guardians, driven by high functional value products.

Convenience store sales also grew 5% YoY (2% LFL), driven by retained growth in higher-margin categories, particularly ready-to-eat items.

In Singapore, LFL convenience sales growth increased by 11% following customer traffic and expansion of differentiated non-food categories, such as Pokémon trading cards.

Food sales were flat YoY (down 2% LFL) in Q3, due to a high base from strong stock-up sales ahead of the September typhoon last year.

Home Furnishings sustained recovery with 4% LFL growth, supported by Taiwan (3% LFL) and Hong Kong (7% LFL).

Maxim’s reported 6% revenue growth YoY, primarily driven by Japanese chain restaurants and earlier timing of the Mid-Autumn Festival, despite being partially offset by weaker Chinese restaurant and quick service restaurant sales.

Maxim’s continued cost optimisation increased underlying profit to 14% YoY.

In Q3, DFI took over Maxim’s Coffee Concepts, a Starbucks-licensed business operating over 1,100 Starbucks stores across seven Asian markets, in exchange for its 50% stake in Maxim.

Additionally, the group received cash consideration approximating $435m (US$340m), which it said will strengthen its balance sheet and support capital recycling.

The report said the group could exceed its 2025-2028 investment growth of 2-3% following the expected revenue consolidation totalling $768m (US$600m) to $832m (US$650m) from Coffee Concepts.

The group expects to bring an underlying profit of between $384m (US$300m) to $448m (US$350m) by 2028, once Starbucks is integrated into DFI’s operations.

(1 USD = S$1.28; as of 27 October 2026)

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