CRC ends 2019 with solid revenue and profit growth with 18bn Baht lined up for new stores in 3 countries during 2020
Bangkok, 27 February 2020: Central Retail Corporation Public Company Limited (CRC) announced its operating results for 2019, achieving solid growth in both revenues and profit. Revenues grew 8% to 222.737 billion Baht and profits increased 11% to 12.359 billion Baht. The results underline CRC’s leadership in the retail sector, and the company will fully implement a 5-year strategic plan for projected average income growth of 8-10% and an EBITDA growth of 10-11%. The company will continue to strengthen its offerings in its omni-channel platforms.
Yol Phokasub, Chief Executive Officer of CRC stated “We ended 2019 with solid revenue and earnings growth from the key factors of robust business platforms in every country, whether Thailand, Vietnam or Italy. We increased market share in every product category, including fashion, food and hardlines, whilst we also grew our customer base in each market with our strong eco-systems.
“Also, CRC was fast-tracked for inclusion in the SET 50 and MSCI Global Standard Indexes, another demonstration of the company’s potential. In 2020, we will continue to drive the business with an investment budget of 18 billion Baht (exclusive of mergers and acquisitions), and will expand our business in each country as follows:
- Thailand: Opening new outlets, including 3 Robinson Lifestyle branches, 7 Thai Watsadu stores and 3 Baan and Beyond stores, as well as expanding our food and specialist stores.
- Vietnam: Opening another 6 Big C/Go! stores, refreshing 4 stores and expanding our non-food businesses such as LookKool, Kubo and SuperSports.
- Italy: Refurbishing our stores in Florence and Rome, with the focus on leadership of the Lifestyle Luxury segment.
“After many uncertainties in both the global and Thai economies this year, whether from the strong Baht, the COVID-19 epidemic, reduced tourist arrivals or declining consumer confidence, Central Retail must exercise caution in its business operations, closely monitor various issues and use technology to manage costs effectively.”
“Our Multi-Category and Multi-Format platforms give us flexibility and adaptability to rapidly changing and volatile situations. This offers us an advantage and a good opportunity to reach customers, providing them with new experiences through our robust omni-channel platforms. This is proven by a strong sales growth of 56% through our omni-channels in 2019. This year, we forecast sales through the omni-channel platforms to account for over 10% of Central Retail’s sales.” concluded Khun Yol.