Central Retail net profit up 26% over first 9 months

Central Retail net profit up 26% over first 9 months

GO Wholesale, an all-inclusive food wholesale centre, plans to launch four branches in the final quarter of 2023.
GO Wholesale, an all-inclusive food wholesale centre, plans to launch four branches in the final quarter of 2023.

Central Retail Corporation (CRC) reported a 26% increase in net profit in the first nine months of this year, aiming to record a new high in the fourth quarter with the launch of the "CRC Celebration of Happiness" campaign.

CRC posted a net profit of 5.25 billion baht, up 26%, on revenue of 183 billion baht, a gain of 7% in the first nine months of 2023.

Yol Phokasub, chief executive of CRC, attributed the performance to its strong development of the retail and wholesale industry, both locally and overseas.

In the third quarter, CRC's operations in Thailand posted a 6% increase in sales growth, helped by the fashion segment (8%) and home improvement materials at Thai Watsadu (12%).

For operations in Vietnam, the company reported total revenue of 59.6 billion baht in the third quarter this year, an increase of 3%. Net profit fell marginally by 0.3% to 1.25 billion baht.

Business development this year included the launch of "GO Wholesale", an all-inclusive food wholesale centre, featuring four branches in the final quarter of 2023.

In addition, the company plans to transform the Central Chidlom branch into the foremost luxury department store in Southeast Asia.

CRC also allotted 500 million baht for the construction of a new building and expansion of the floor space to 23,000 square metres at Mega Bangna mall.

The planned launch of Central Westville in western Bangkok, which is scheduled for Nov 29, brings the total number of Central Department Store branches in Thailand to 76.

In European operations, Rinascente Italy posted a sustained surge in sales, registering 20% growth during the first nine months of this year.

Mr Yol said this underscores the success of the renovations executed in various branches, catering to both local clientele and an escalating number of international visitors.

In Vietnam, GO! Malls had 39 branches and registered an 18% increase in rental income during the first nine months of this year.

GO! Hypermarket was the market leader for the segment in Vietnam, with 38 branches nationwide.

The company plans to add four GO! Supermarket branches for a total of 10 by year-end, he said.

Mr Yol said he is confident the company can set a new profit record in the fourth quarter, buoyed by the readiness of all business segments within the group.

The company is set to launch the CRC Celebration of Happiness campaign, aiming to create excitement among shoppers and stimulate spending from both locals and tourists alike, he said.

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