Central Retail Corporation Reports 6.4% Revenue Increase in Q1 2024, Driven by New Products and Expansion

National—
On May 13th, 2024, Mr. Yon Phoksap, Chief Executive Officer of Central Retail Corporation PLC, publicly disclosed Central Retail Corporation’s (CRC) operational performance for the first quarter of 2024, spanning from January 1st to March 31st, compared to the corresponding period last year.

CRC achieved a net profit of 2.1 billion baht, marking a 0.1% increase from the previous year, with total revenue reaching 67.2 billion baht, reflecting a 6.4% rise. This growth in revenue was driven by a total sales revenue of 60.3 billion baht, which surged by 6.4% from the previous year. CRC attributed this increase to the introduction of new brand products to meet customer demands, expansion and renovation of new branches, and the support received from the government’s “Easy E-Receipt” policy.

Moreover, CRC diversified its income streams through rental services and department stores, which attracted a larger customer base.

The total sales revenue was categorized into three sections: fashion, hardline, and food.

The fashion segment generated 16.2 billion baht, reflecting an 8.5% increase from last year, driven by domestic sales and operations in Italy. CRC capitalized on renowned fashion and lifestyle brands, aligning with customer preferences. Additionally, CRC expanded its footprint by establishing two new branches in Nakhon Sawan and Nakhon Pathom.

In the hardline category, encompassing household and office wares, revenue reached 19.4 billion baht, representing a 4.1% increase in Thailand. However, revenue from Vietnam experienced a decline due to cautious spending patterns amidst the country’s economic conditions.

The food segment generated 24.5 billion baht, marking a 7% increase from the previous year. During the first quarter, CRC inaugurated three Tops Supermarket chain stores in Bangkok, Nakhon Sawan, and Nakhon Pathom.

These commendable operational results underscore CRC’s robust business strategies, guided by the principles of Leading Excellence and Advancing Sustainability. Mr. Phoksap emphasized CRC’s commitment to enhancing customer and stakeholder experiences in Thailand, Vietnam, and Italy, signaling further advancements on the horizon.

For more insights into strong Q1 financial performances, explore our recent coverage on Carabao Group and CP All’s robust growth strategies and market expansion efforts.