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Central Retail sees big slide in Q1 net profit


Central Retail Corporation (CRC) saw its net profit slump by 63 per cent year on year in the first quarter of 2020.

CRC reported revenue of Bt54.285 billion for the first quarter, up 1 per cent from the same period of 2019, chief executive officer Yol Phokasub said.
The net profit of Bt890 million was down 63 per cent compared to the same period of last year.
Earnings before interest, tax, depreciation and amortisation was Bt5.879, increasing by 5 per cent, he added.
The CEO revealed that CRC's food business grew by 4 per cent in Thailand and Vietnam, since the corporation has prepared both online and offline channels for its customers. Besides, CRC's hard-line business grew by 32 per cent from construction and house renovation products.
In Vietnam, CRC has opened 34 branches of Go! department store, and the last one was in Tra Vinh city. However, CRC's fashion business has been impacted by Covid-19 in both Thailand and Italy. CRC fashion stores and department stores have been ordered to be closed since March 12 by the Italian government, and from March 22 by the Thai government.
“The strength of CRC's customer-centric omnichannel, as well as its ability in self-adaptation, has caused the omnichannel sales to grow by 93 per cent during the time department stores have been shut,” the CEO added.

Published : May 15, 2020

By : THE NATION