DFI Retail Group Holdings Ltd. has reported its first-quarter 2025 results, highlighting a mixed performance amidst challenging macroeconomic conditions. The Group's underlying profit, excluding divestments, saw a notable increase of 28% year-on-year. However, after accounting for the divestment of Yonghui, which had contributed US$23 million in earnings the previous year, the underlying profit experienced an 18% decline compared to the same period last year. In terms of sales performance, the Health and Beauty division achieved a 4% year-on-year increase in like-for-like $(LFL)$ sales, with all operating markets showing positive growth. Mannings Hong Kong benefited from effective promotional campaigns, leading to increased basket sizes, while Guardian's strong LFL performance was bolstered by the timing of Raya Festive sales, particularly in Indonesia, which saw double-digit growth in both sales and profit. Within its home market of Hong Kong, DFI Retail Group demonstrated resilience despite a challenging retail environment. Reported and LFL sales decreased by approximately 2% year-on-year but remained stable when excluding the impact of cigarette tax. The Group's net cash position improved significantly to US$127 million as of 31 March 2025, compared to a net debt of US$468 million at the end of December 2024, following the completion of the Yonghui stake divestment and subsequent debt repayment. The Group continues to focus on evolving its portfolio to enhance long-term shareholder value, as evidenced by the recent divestment of the Singapore Food business.