Mr. DIY sees 4.9 per cent rise in revenues for Q2

Mr. DIY, Malaysia’s dominant home improvement retail chain, reported a 4.9 per cent rise in revenues for the second quarter of 2023, with new stores bringing in the transactions that supported sales during the period.  

The company, which holds a 48.1 per cent market share in the country and operates eponymous stores in Brunei, disclosed to the Malaysian stock exchange revenues of 1.099 bn Malaysian ringgit (MYR, 218.385 mio euros) for April to June 2023.

“This increase in revenue is primarily attributed to positive contributions from new stores,” it stated.

Mr. DIY Malaysia added 43 new stores across its four brands -- Mr DIY, its home improvement marque; Mr. Toy, its toy store; Mr. Dollar, its fixed-price store concept; and EMTOP, its newest addition, which sells a range of power tools. These bring the company’s store count to 1,168 by end-June, or 17.6 per cent higher compared to the store count in the first six months of 2022.

Owing to having more new stores, transactions rose 13.1 per cent 40.9 million in the second quarter.

Revenues for the first half rose 9.8 per cent to MYR 2.146 bn, with the number of checkouts during the period increasing 15.5 per cent to 79.1 million.

In a statement, Mr. DIY chief executive Adrian Ong said that Mr. DIY will continue to expand “wider and deeper” in its home country to reach market centres and small towns and cater to the needs of “underserved shoppers”.

“Our expansion plans will meet their needs while driving our growth,” he added.

The company aims to open a total of 180 stores this year, to end 2023 with a network of 1,200 stores across all its brands. It had earlier said that of these, close to 90 per cent will be operating under its home improvement brands -- Mr. DIY, the bigger Mr.  DIY Plus, and the small format Mr. DIY Express. Only 20 of the planned outlets will be under the other concepts operated by the retailer in Malaysia.

- by Jennee Grace U Rubrico