Thailand’s Central Retail has reported improved sales across all three of its global markets during the first quarter, fuelling a 189-per-cent improvement in net profit.
Group sales rose by 16 per cent, led by an 88-per-cent increase in Vietnam, where Central operates Go supermarkets, hypermarkets and compact malls, along with Tops grocery stores and 70 non-food stores in the appliances and sportswear categories, among others.
Central Retail’s groupwide revenue reached US$1.6 billion and net profit $38 million.
CEO Yol Phokasub reiterated the company’s core goals for the remainder of the year including investing $576 million to rejuvenate its core businesses, especially in digital technologies. In Thailand, it plans to open 300 new stores across its multiple banners, including Robinson Lifestyle, Robinson Department Store, Tops and specialty stores.
Phokasub said the company had attracted “millions” of new customers during the past year, boosting omnichannel sales by 44 per cent during the last quarter.
This was achieved by taking a “customer-first approach to enhance experiences across multiple touchpoints”.
“Amidst today’s challenging operating environment, the company continues to move with flexibility and efficiency, leveraging technologies to manage costs and supply chain complexities. Despite nearing the Covid end-stage that signals a positive outlook, it is still a time of great uncertainties shaped by heightened global inflation and the Russia-Ukraine war that requires close caution on the negative economic impact,” he concluded