Siam Global House sees 7.7 per cent fall in consolidated sales

The consolidated sales of Thai home improvement retailer Siam Global House slipped by 7.7 per cent in the second quarter of 2023 owing to the lacklustre performance of mature stores. The company disclosed to the Stock Exchange of Thailand that total revenues for the period of March to June 2023 stood at 8.503 bn Thai baht (THB, EUR 226.206 mio), a decrease of THB 716.28 mio from the same period last year. For the first half, the company saw a 7.51 per cent fall in revenues to THB 17.436 bn, it added.

“It was mainly driven by a decrease of same-store sales growth,” Global said. It added that the company opened three stores after the first half last year, bringing its total store count to 79 at the end of the first half of 2023.

Thailand, its home market, contributed the biggest share of sales at THB 8.353 bn in the second quarter and THB 17.139 bn in the first half, respectively. Cambodia, where Global has a 55 per cent subsidiary, contributed THB 148.213 mio in the April to June period, and THB 293.006 mio for the first half. In Myanmar, Global House has a stake in Burmese home improvement retailer Pro1 Global via Global House International, a joint venture in which Global holds 50 per cent.  The country accounted for THB 1.719 mio in the second three months of the year, and THB 4.589 mio for the entire first half.

The company said it was opening three more stores this year. This is less than its initial plan, disclosed in the first quarter, to open seven stores in 2023.