Central Retail Corporation net profit soars 189% YoY in Q1 2022

Its sales exceeded targets and were up by 16%.

Central Retail Corporation’s net profit almost doubled in the first quarter, reaching around $37.4m (THB1.3b) or a 189% year-on-year (YoY) increase due to steady growth in omnichannel sales as well as same-store sales growth.

In a statement, Central Retail said it posted “phenomenal” sales during the period as it exceeded targets, rising by 16%. Its total revenue for the first quarter was up 15%YoY to $1.6b (THB56.3b), whilst its earnings before interest, tax, depreciation and amortisation rose 23% YoY to around $190.1m (THB6.6b).

The company also saw its same-store sales growth of 11% across Thailand, Vietnam, and Italy, whilst its omnichannel sales surged by 44% as it took “a customer-first approach to enhance experiences across multiple touchpoints.”

For 2022, the company “moves full steam ahead to continue its strong performance.” It is investing over (THB20b) to reinforce its core businesses and accelerate the expansion of new businesses through digital technologies investment.

“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,” said Central Retail CEO Yol Phokasub.

For Thailand, CRC said it plans to reinforce its leadership as the No. 1 intelligent omnichannel platform in hardline, food, fashion and property through renovations, expansions, and new businesses, which include the over 300 new branches this year of Robinson Lifestyle, Robinson Department Store, Thai Watsadu, Tops, and specialty stores.

It added that it will launch a new platform and services in food and non-food segments, and elevate Robinson Lifestyle by introducing new tenants and branches and renovating interiors, amongst others.

In Vietnam, CRC saw its sales double at 88% YoY and drove GO! Application to be one of the country’s shopping applications. It is also focusing on expanding stores which include GO! Mall and one GO! hypermarket branch, 12 go! and Tops supermarkets and 70 non-food stores. 

The company also wants to reinforce leadership in omnichannel retailing with the development of Rinascente both in-store and online as its website attracted over three million customers in the first quarter which is a 64% YoY growth. 

CRC is also focused on renovations to support increasing local and foreign customers traffic, adding that it is confident that sales in Italy will post a double-digit increase with the easing of lockdown and the comeback of international travellers.

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