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Tuesday, June 18, 2024

Central Retail reveals continued solid performance in Q1, sweeping 56,274 million baht in revenue and 189% profit growth, gearing up to a strong full-year outlook

Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited or CRC, announced that Central Retail has once again shaken the retail industry with its phenomenal Q1 sales, exceeding targets and witnessing a leaping growth of 16%.

The company continues to maintain its record-breaking profits with a total revenue of 56,274 million baht (+15% YoY) EBITDA 6,622 million baht (+23% YoY) and a net profit of 1,324 million baht (+189% YoY), along with its SSSG seeing a steady growth of 11% across Thailand, Vietnam and Italy. And successfully attracting millions of omni-customers, Central Retail drove a 44% growth leap in omnichannel sales by taking a customer-first approach to enhance experiences across multiple touchpoints. Amidst today’s challenging operating environment, the company continues to move with flexibility and efficiency, leveraging technologies to manage costs and supply chain complexities. Despite nearing the Covid end stage that signals a positive outlook, it is still a time of great uncertainties shaped by the heightened global inflation and the Russian-Ukraine war that requires close caution on the negative economic impact.

For the 2022 outlook, Central Retail moves full steam ahead to continue its strong performance in an extraordinary year, investing over 20,000 million baht to rejuvenate core businesses and accelerate the expansion of new businesses with continuous investments in digital technologies. The company’s key focus is in expanding the CRC Ecosystem and building increasingly customer-centric omnichannel platforms to serve diverse needs, delivering unmatched customer experiences. For the year ahead, Central Retail plans to launch new businesses, products and services to lead the way for the retail industry in Thailand, Vietnam and Italy:

Thailand – Reinforce leadership as #1 intelligent omnichannel platform across hardline, food, fashion and property through renovations, expansions and the launch of new businesses, including:

  • Accelerating expansion with over 300 new branches throughout the year, including Robinson Lifestyle, Robinson Department Store, Thai Watsadu, Tops and specialty stores. The continued expansion also includes new store formats, such as Tops in standalone formats that had received positive feedback since its first launch, along with accelerating growth engine in new category such as health and wellness.
  • Launching new platforms and services both in food and non-food segments such as Thai Watsadu mobile application that is set to launch this May, reinforcing its #1 position in ASEAN as a one-stop omnichannel retailer of building supplies and construction materials. Tops Prime also launched the subscription service with unlimited free deliveries to better serve the needs of modern consumers.
  • Elevating Robinson Lifestyle by introducing new tenants and brands, renovating interiors with a local touch, and developing mixed-use spaces by joining hands with leading partners to build condominiums connected to malls to drive store traffic and maximise convenience for customers.

Vietnam – Reinforce leadership in food, mall and omnichannel retailing after sales in Q1 doubled at 88% compared to the previous year and driving the success of GO! application to become one of the most popular shopping applications in Vietnam. The acceleration of store expansions will also be a key focus, including GO! Mall and 1 GO! hypermarket branch, 12 go! and Tops supermarkets and 70 non-food stores. Moving in parallel with Vietnam’s rapid economic growth and expected GDP of 6% in 2022, Central Retail continues its plans to double down on expansion across mass market segments.

Italy – Reinforce leadership in luxury omnichannel retailing with Rinascente’s store refreshment and online development. Proven success in the online channel is evident as Rinascente’s website attracted over 3 million customers in the previous quarter, a 64% growth from the previous year. Renovations are another key focus with aims to modernize spaces to support the increasing traffic from both local and foreign customers after Q1/2022 saw a 58% growth in traffic. Central Retail is confident that sales in Italy will see a double-digit growth after the ease of Covid-19 lockdown and the comeback of international travelers.

“2022 is another extraordinary year marked by many, unprecedented challenges, but with Central Retail’s unwavering focus and clear capital allocation strategy driving the investment and acquisition of new businesses, we are confident that the company will continue to deliver a strong performance and hit targets with a 15-20% growth in sales, reinforcing our leadership position as the retailer of the future and #1 Omni-Centric Retailer in Asia,” Mr. Yol concluded.

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