Message from the President
Far Eastern Department Stores President
Nancy Hsu
During the post-pandemic era in 2023, Taiwan’s department stores market witnessed the return of consumers’ foot traffic which has brought strong consumption momentum to drive sales in historical high. Revenues reached NT$449.2 billion, up 13.8% year over year, annual increase was higher than the average of overall retail industry. Far Eastern Department Stores (FEDS) also reached new milestone, delivered again outstanding performance, particularly a remarkable ESG performance, achieving excellent sustainability outcome, continuously to create value and pave ways for a steady and healthy sustainable operation for the corporation.
Another New Highs in Operating Performance
Benefited from the dynamic consumptions in the private sector, FEDS aligns with consumption trend to create business opportunities. Through counter adjustments to introduce hit merchandise, sponsor diversified campaigns and effective marketing strategies, performance in 2023 again exceeded historical record and marked new high since the company’s inception. Revenues were NT$60.8 billion and operating profit was NT$2.78 billion, both marking historical highs. Earnings per share (EPS) stood at NT$1.95, grew over 40% year on year, creating outstanding reward for shareholders.
Low Carbon Transformation in Green Operation
In addition to steady growth, FEDS has also created value for its green initiatives to the society, the Company periodically reviews its possible impact to the environment annually caused by its operations and aims to lower its impact to the environment. In 2023, the Company continued to promote the seven action plans of “green energy, green procurement, green consumption, green space maintenance, green intelligence, green construction,” by adopting a low-carbon approach in merchandise, services, and management. Outstanding endeavors have been recognized both at home and abroad to receive Asia Responsible Enterprise Award and National Enterprise Environmental Protection Award, etc. to join hands with consumers to ‘Lead a Green Life’.
Employee Workplace Wellness
To fulfill Sustainable Development Goals (SDGs) of the United Nations to promote good health and well-being, FEDS has not only designed diversified employee benefit plans to enrich its workforce’s working and living well-being, but also actively built-up healthy workplace to maintain physical and mental health initiatives. The Company has promoted 10 major events of the “healthy workforce” programs for five consecutive years and expanded in 2023 to sponsor 288 health seminars and 51 on-site physician services, etc. which were well received by employees. Statistics reflects that 95% of employees were satisfied with the health programs. FEDS continues to build up healthy workplace for its workforce.
Connected by Love to Engage in Social Outreach
Far Eastern Department Stores has been dedicated throughout its 56 years of operations, while seeking sustainable operations, also giving back to the society. Taking advantage of its island-wide channels to promote various philanthropic activities, making each business site as a local hub for “public welfare platform.” In 2023, the Company has sponsored 805 public welfare campaigns. Furthermore, we have supported and encouraged “staff volunteer services” and in the past 5 years have accumulated to 172 events and 6,165 service hours. FEDS staff has been committed to CSR endeavors and contributed to creating a better society.
The world is changing fast and full of challenges. Facing with current turmoil and uncertainties, managing business needs not only to enhance “Innovation,” continues to promote timely transformation of operating model, but also focuses on merging ESG strategies into operations to strengthen the sustainable initiatives to the environment, society, and governance, demonstrate sustainable resilience to respond to changes, so as to deliver the message that FEDS is a trustworthy brand to the consumers, and strive to achieve sustainable goals.