Central Retail reports 6% revenue boost to 67.3 billion baht

Central Retail Corporation‘s first quarter earnings report revealed a robust performance, with a 6% revenue increase to 67.3 billion baht (US$1.84 billion). Significantly, the company’s net profit jumped by 14% to 2.52 billion baht (US$ 70 million) compared to the same period last year.

Under the leadership of Yol Phokasub, the company has seen a notable shift towards omni-channel retailing, which now represents 19% of total sales.

The company’s aggressive transformation initiatives this year are headlined by the over 4 billion baht (US$109 billion) facelift of Central Chidlom. This renovation is part of CRC’s strategic move to reposition the store as a premier global luxury shopping destination.

In addition to its domestic ventures, CRC has cemented its status as the leading mall and hypermarket operator in Vietnam, expanding its network with three new GO! malls and hypermarkets. The expansion strategy also includes the renovation of its flagship stores in Hanoi and Ho Chi Minh City, which the company aims to complete by the end of 2025, said Yol.

“These achievements firmly establish Central Retail Corporation as the frontrunner in the retail and wholesale sectors, excelling in all aspects of business and advancing our sustainability commitments.”

Yol further emphasised CRC’s dedication to enhancing group businesses and providing superior experiences to customers and stakeholders in Thailand, Vietnam, and Italy.

In related news, Central Retail Corp., indicated potential interest in investing in Selfridges, the renowned department store, given the right circumstances.

The company outlined their investment criteria in a recent statement to the Thai stock exchange, stating that any new venture must align with its strategic business plan, be reasonably priced, and have optimal timing.

The company made it clear that Central Group, its parent company and the majority owner of Selfridges since November, has not approached them about this investment.

This response came in the wake of reports suggesting that Central Group is actively seeking new investment partners, potentially due to a looming financial crisis at Selfridges.