CRC Q2 revenue growth 12%, hit new heights in Hardline category and omnichannel platform, thanks to long-term strategies
Bangkok, 13 August 2021 – Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation PCL, said that Central Retail continues to demonstrate strong business growth. Amid the COVID-19 crisis that has become a part of the company’s business continuity plans, proactive strategies are implemented to build long-term sustainable growth while maintaining agility for business models and portfolios to fully capitalize current market opportunities and emerging consumer trends. The omnichannel platform and Hardline category reached new heights and generated record-breaking revenue and profit. Q2/2021 performance of Central Retail achieved a total revenue of THB 46,376 million (+12% YoY), EBITDA of THB 4,088 million (+218% YoY), and a net loss of THB 426 million (+83% YoY).
Central Retail’s new heights in Q2/2021 consist of:
High-potential growth of the Hardline category: The business achieved the most robust growth among all categories in revenue, EBITDA, and profit since the start of Central Retail. Its sales proportion increased from 32% to 39%, compared to the same quarter last year, due to the well-laid-out proactive strategies. The business synergy with COL Public Company Limited (COL) catapulted the growth of the Hardline category and successfully expanded the customer base to the B2B segment; Thai Watsadu also continues its business expansion. After achieving the opening of four new outlets according to its 2021 plan, an additional new outlet will be open by the end of this year. In addition, the company is also extending its Thai Watsadu footprint in Vietnam.
New O2O channels of omnichannel platform such as Personal Shopper service covering all business categories from department stores to supermarkets, the increasing number of Tops branches with Quick-commerce service, the launch of GO! App of Food category in Vietnam, and the success of CENTRAL App, a one-stop-shopping super application, offering all products under Central Retail for every lifestyle ready to deliver within three hours. Currently, CENTRAL App has more than 2.7 million downloads, an exponential growth from its launch in December 2020.
Expansion of Property business: The business saw continuous improvement and rebranding of branches as planned. GO! Mall opened in April in Thái Nguyên, Vietnam, and two more branches are planned to open within Q3/2021.
“Our performance in Q2/2021 is a testament to our proactive business and effective risk management strategies. In the second half of the year, we will continue to focus on growth and expansion through investments, mergers and acquisitions, and collaborations with new partners while fully supporting the government policy to manage the COVID-19 crisis. We have implemented measures to continuously oversee all stakeholders, employees, customers, trading partners, shareholders and communities, as well as strictly raising the standards of public health in our services. We are confident that when Thailand reopens the country, and the economy starts to recover, Central Retail will be one of the firsts to be able to leap for growth and bound stronger than ever,” Mr. Yol concluded.