CRC makes fast turnaround with strong results in Q3/2020, Showing V-shaped recovery with its revenue and profit close to levels prior to COVID-19 crisis
Bangkok, 13 November 2020 – Central Retail Corporation Public Company Limited (CRC) has achieved the V-shaped recovery of its operating results in the third quarter of 2020 which was close to its performance prior to the COVID-19 crisis (first quarter of the same year). The company attributes the quick turnaround to 5 key factors. They are:
- Strong and practical business strategies that turn into actions.
- First mover in the industry that transforms from offline retailer to a full-scale omnichannel retailer.
- Agile and resilient adaptation by its teams and organization.
- Ability to serve ever-changing customer needs and create new experience through omnichannel services.
- A sensible way of doing businesses under uncertainties.
As a result, the gross revenue in the third quarter of 2020 reached 47.57 billion baht, 15% growth from previous quarter, equivalent to 89% of the revenue reported in Q3/2019. The profit was recorded at 869 million baht, a recovery from 2.52 billion baht loss in the previous quarter.
Mr. Yol Phokasub, Chief Executive Officer of Central Retail Corporation Public Company Limited, said, “Although 2020 is a year of challenges, CRC has turned around with positive results both in revenue and profit close to levels prior to COVID-19 crisis. Thanks to the collaboration of our employees who dedicated themselves to drive this collective success. We have finally gained back the momentum that is in a satisfactory level. The company has launched first phase of transformation by rebranding Central Department Store’s Mega Bangna branch followed by Udon Thani branch. The investment and expansion plan continued in all CRC’s business units including the opening of Thai Watsadu’s Amata Nakorn branch in August, GO! Shopping Centre in Buon Ma Thuot in July and go! Supermarket in Tam Ky in August in Vietnam. The company also received approval for its takeover of COL Public Company Limited or COL in September to strengthen its hardline segment.
“Although the sales of CRC in the third quarter satisfactorily made the V-shaped recovery, we do not turn a blind eye on uncertainties such as a new wave of COVID-19, the tourism that has not fully recovered and increasing unemployment. CRC will continue to develop its organization and adapt to play important roles in helping boost economies including a number of SMEs under CRC platform to achieve a strong recovery. The company fully supports all economic stimulus programs released by the government and will operate carefully under this uncertain circumstance,” concluded Mr. Yol.