Thai chain Home Pro reports first sales declines

The Thai DIY store chain Home Pro reports sales declines for the first time. In the third quarter, the company's sales income at the amount of THB 15 219 bn lay at 1.18 per cent lower than the previous year. The performance of the company in the third quarter, which is usually the low season for retail businesses, has also been impacted by several of Thailand's economic indicators including the consumers' confidence index which hit the lowest in 38 months, the floods in the upcountry, as well as the high-base impact of television sales hike in the third quarter of 2018. As a result, the sales growth in this quarter did not meet the target, writes the company in its quarterly report. It continues to say that, for the subsidiaries, Mega Home business has a stable sale, while the operating performance of the Home Pro business was affected by the high-base impact of Goods and Services Tax abolition in 2018.
In the first three quarters, the rate of change remains positive.Compared to the same period last year, Home Pro's sales income rose in this period by 2.90 per cent to THB 47 046 bn.