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The Central Retail Group’s hardline segment, which trades under the brand names Thai Watsadu, BnB Home, Nguyen Kim, and others, reported a four per cent rise in revenues for the first quarter of 2024 despite a slack in the performance of its mature outlets.
CRC, which also operates malls, food, and fashion companies in Thailand, Vietnam and Italy, disclosed that its hardline segment, which makes up 32 per cent of its overall business, made THB 19.487 bn (EUR 488.88 mio) in the first three months of the year.
Of this, Thailand contributed THB 17.888 bn, up seven per cent from the same period last year, while Vietnam contributed THB 1.598 bn, down 18 per cent from the first quarter of 2023.
“Sales in Thailand witnessed an upward trajectory owing to the establishment of new branches and continuous branch renovations, an increase in number of tourists, the government’s Easy E-Receipt scheme and robust product availability”, the company said.
The Easy E-Receipt scheme is a Thai tax rebate programme that allows a personal income tax deduction of up to THB 50,000 for the purchase of goods and services between 1 January and 15 February 2024.
CRC added that Vietnam’s sales fall was “reflective of consumer prudence amid the country's economic deceleration.”
The sales uptick for the hardline segment came despite a five per cent decrease in overall same store sales. Comparative store sales for Thai Watsadu in its home turf fell three per cent, while in Vietnam, it fell by a staggering 20 per cent.
The four per cent growth is also the strongest quarterly showing for the hardline segment over the past year.
For the January to March period, CRC opened one new Thai Watsadu branch. It plans to open nine more through the rest of the year, to bring its store count to 90 by the end of 2024.
- by Jennee Grace U Rubrico
