Thailand’s Central Retail Corporation has reported a massive boost in sales and profit for the second quarter. 

Sales reached US$1.6 billion (THB 56.826 billion), up 22.5 per cent, and profit of $45.26 million was up by 476.8 per cent against the same period last year, as the impact of Covid on movement restrictions, school lessons and tourism eased. 

The company said in a results filing that turnover was also boosted by the renovation of existing stores, the opening of new stores and the rebranding of fashion and food outlets. 

Selling and administrative expenses grew in line with increased sales, but at a lower pace, improving gross margin. 

By division, fashion sales revenue rose by 38 per cent, while the food division improved by 23 per cent.  

Rental revenue rose 29 per cent as Covid-related rent reductions came to an end. 

By market, the post-Covid boom in Thailand was especially noticeable online, where Central Retail’s sales rose 25 per cent year on year, accounting for 23 per cent of total sales.

In Vietnam, Central Retail said mall and store traffic rebounded as the economy grew, resulting in “steady growth”. Again, online had a significant effect with sales up by 75 per cent year on year, accounting for 8 per cent of turnover. 

Similarly, in Italy, online sales rose 48 per cent and now account for 5 per cent of sales.