Thai group Central Retail says it achieved 90 percent of its pre-Covid sales performance in the March quarter, the result of what CEO Yol Phokasub described as “thriving on steadily regaining balance” during a time of challenges and uncertainties”.
First-quarter sales were down 9.7 percent to US$1.56 billion, however, net profit was down 48.4 percent to $14.65 million.
In a statement, the company said that considering the semi-lockdown situation resulting from the second and third waves of the pandemic – when most businesses stopped trading – the impact on the retail market was more severe than the previous year.
Phokasub said the company was able to take advantage of a broad portfolio of retail brands which enabled business agility during the Covid crisis, including synergy between the Central and Robinson department stores. It also benefited from the expansion of the Tops Market both within Thailand and in Vietnam, its Go! Malls concept in Vietnam and the recent acquisition of the B2B omnichannel books and stationery business.
He said that during the year ahead Central Retail plans to increase work efficiency and productivity through technological development and strong cash flow while looking for new business ventures to diversify its portfolio.
“Central Retail’s long-term vision and business plan before the Covid-19 pandemic remain unchanged, and that is to achieve sustainable and profitable growth.”