Central Retail Corporation (CRC), the SET-listed retail arm of Central Group and the country's biggest mall operator, has recorded a fast turnaround with strong results in the third quarter, as revenue and profit neared levels prior to the pandemic.
Yol Phokasub, the company's chief executive, said gross revenue in the third quarter reached 47.6 billion baht, 15% growth from the previous quarter.
Profit was recorded at 869 million baht, a recovery from a 2.52-billion-baht loss in the previous quarter.
The quick turnaround was attributed to five key factors.
They comprise: strong and practical business strategies turned into action; being a first mover in an industry transformed from an offline retail to full-scale omni-channel retailer; agile and resilient adaptation by its teams and organisation; ability to serve ever-changing customer needs and create a new experience through omni-channel services; and a sensible way of doing business under uncertainties.
"Although 2020 is a year of challenges, CRC has turned around with positive results both in revenue and profit close to levels prior to the Covid-19 crisis. Thanks to the collaboration of our employees who dedicated themselves to drive this collective success, we have finally gained back the momentum to a satisfactory level," said Mr Yol.
The company launched its first phase of transformation by rebranding Central Department Store's Megabangna branch, followed by the Udon Thani branch.
The investment and expansion plan continued in all CRC business units, including the opening of Thai Watsadu's Amata Nakorn branch in August, GO! Shopping Centre in Buon Ma Thuot, Vietnam in July, and GO! Supermarket in Tam Ky, Vietnam in August.
The company also received approval for its takeover of COL Plc in September, looking to strengthen its hardline segment.
"Although the sales of CRC in the third quarter led to a V-shaped recovery, we did not turn a blind eye to uncertainties such as a new wave of Covid-19, tourism that has not fully recovered and increasing unemployment," he said.
"CRC will continue to develop its organisation and adapt to play an important role in helping boost the economy. The company fully supports all stimulus programmes launched by the government and will operate carefully under these uncertain circumstances."