2012-06-21 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: HSBC has said the retail operations of Saudi-based Savola, through its subsidiary Panda, are growing not only in terms of sales per square metre, but due to increasing margins within the retail segment, Saudi Gazette has reported. Sales per store are increasing at a much faster pace at Savola's subsidiary Panda compared to other rivals in the market, indicating a change in consumer tastes and habits towards higher end stores and improving brand recognition due to the growing number of stores, HSBC said. Panda currently has over 131 stores in the kingdom with plans to open 19 more in 2012. HSBC rated the company with an overweight rating and determined the target price at SR44, compared with SR35 which was the existing share price when the report was issued.  

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