CRC's hardline segment up 2.6 pct

The hardline segment of Thai retailing giant Central Retail Corp. (CRC) reported a 2.6 per cent increase in sales in the second quarter of 2023 on the back of seasonal factors, new and renovated stores and a jump in online sales.

CRC told the Stock Exchange of Thailand that its hardline segment, which is under the Thai Watsadu brand, posted sales of 18.839 bn Thai baht (THB, 490 mio euros) during the period.

“Sales of the branches located in tourist provinces expanded, which was also a result from renovations and store launches of Thai Watsadu in Loei province, Chinat province and Muang - Ek Bangkok, which is [a] hybrid format,” CRC stated.

It added that the summer season also led to higher sales in cooling appliances such as airconditioning units and electric fans, while omnichannel sales rose 37 per cent “thanks to promotional campaigns available on Thai Watsadu’s e-ordering and other omnichannel platforms”.

The company said Thailand was the main contributor for the sales uptick, as sales in Vietnam, where the company operates electronics store Nguyen Kim, “decreased as consumers became more cautious of their spending in the face of persisting economic slowdown.

Hanoi had earlier reported that its economy expanded 4.14 per cent in the second quarter, faster than the revised growth of 3.32 per cent in the first quarter. Jitters, however, persist, with the country eyeing a GDP growth of 6.5 per cent this year, slower last year’s 8.02 per cent rise.

For the first half of the year, CRC’s hardline category saw a 2.8 per cent rise in sales, to THB 37.561 bn.

The hardline sales covered 34.07 per cent of CRC’s overall sales for the first half. Apart from its hardline segment, CRC also operates food and fashion brands in Thailand, Italy, and Vietnam.

 - by Jennee Grace U Rubrico