IT product distributors Com7 and Jay Mart reported double-digit revenue growth in the second quarter, buoyed by their move to open new stores outside of malls that were shuttered during the pandemic.
Com7 booked 11.5 billion baht in second-quarter revenue, up 48.9% year-on-year. Its net profit surged 115% year-on-year to 585 million baht.
According to Com7's analysis of its operating results, sent to the Stock Exchange of Thailand, a broad range of IT products, particularly iPhones, iPads and smartphones, saw sales growth, which was also a boon for related accessories.
Last year, IT retailers suffered during the temporary closure of shopping malls where their stores were located. They have since adjusted their business strategy by focusing more on setting up stores outside of malls to avoid risk.
Com7 indicated it was setting up standalone stores at gas stations and other places in affected provinces to help simplify access.
"The move received good feedback," Com7 indicated in its analysis. "It is easy to buy, and customers still have confidence purchasing products at the store."
But Com7 said online sales dropped slightly from the same quarter last year, when lockdown measures were first imposed.
The company said it was still attaching a significant importance to online sales as it wants to grow along with the e-commerce market.
Jay Mart reported 2.6 billion baht in sales and services revenue in the second quarter, up 13.9% year-on-year. Its net profit surged 44.5% year-on-year to 232 million baht.
In its analysis of its second-quarter performance, Jay Mart said the company was forced to close branches in department stores around the end of the quarter as the government imposed new restrictions following rising Covid-19 cases.
However, the company has adjusted its business operations since last year by establishing non-department store sub-branches, located in various provinces across the country.
Jay Mart is also collaborating with KBJ Capital in providing credit to customers for the purchase of mobile phones.
Revenue from its distribution business amounted to 1.8 billion baht in the second quarter with a net profit of 53 million baht.
Jay Mart also reported major earnings from its debt management business, which saw second-quarter revenue of 699 million baht, a decline of 98 million baht from the same period a year earlier.
