Global's Q1 sales down 1.86 per cent

Thai home improvement retailer Siam Global House reported a slow start of the year as sales dipped in the first quarter of 2024. In its disclosure to the Thailand Stock Exchange, the retailer said sales revenues totalled 8.76 bn Thai baht (THB, EUR 221.25 mio) in the period of January to March 2024, a 1.86 per cent slip from the same quarter the previous year. This, it said, was "due to the decrease in sales in line with competitive business conditions and the economic slowdown conditions".

The sales slowdown in the first quarter continues on from a dismal financial performance in 2023, when the company, which also has a presence in Cambodia and holds stakes in home improvement stores in Myanmar, Indonesia, and Laos, reported an 8.42 per cent fall in the top line to THB 32.3 bn owing to weak economic conditions.

The company opened one new store in the first three months of the year, closing the quarter with 84 stores.