CRC posts strong performance in Q1
Thailand’s leading mall operator Central Retail Corporation (CRC) posted a solid performance in the first quarter of 2022, with revenue rising by 15% to 56.2 billion baht and net profit climbing 189% to 1.32 billion baht.
Its earnings before interest, tax, depreciation and amortisation (Ebitda) hit 6.62 billion baht, representing yearon-year growth of 23%.
Yol Phokasub, CRC chief executive, said the company had shaken the retail industry with its first quarter sales, as it exceeded targets with accelerating growth.
He said CRC also enjoyed a 44% leap in omnichannel sales through the adoption of a customer-first approach to enhance experiences across multiple touchpoints.
This year CRC plans to invest over 20 billion baht in rejuvenating core businesses and accelerating the expansion of new businesses with investment in digital technologies, primarily through the launch of new products and services in Thailand, Vietnam and Italy.
In Thailand, CRC said it would bolster its position as the No.1 intelligent omnichannel platform across hardline, food, fashion and property by accelerating expansion with over 300 new branches, launching new platforms and services both in food and non-food segments, and introducing new tenants and brands to elevate the Robinson Lifestyle concept.
In Vietnam, CRC’s sales in the first quarter saw year-on-year growth of 88%.
The success of the GO! mobile application is noteworthy as it has now become one of the most popular shopping apps in Vietnam.
Moving in parallel with Vietnam’s rapid economic growth and estimated GDP expansion of 6% in 2022, CRC plans to double down on its expansion across mass-market segments.
As for Italy, CRC has been successful online, with the luxury fashion retailer Rinascente’s website attracting over 3 million customers in the first quarter, representing year-on-year growth of 64%.
CRC said store renovations were another key focus, with the company aiming to modernise spaces to support increasing foot traffic from both local and foreign customers, after the first quarter saw a 58% growth in traffic.
“2022 is another extraordinary year marked by many unprecedented challenges, but with CRC’s unwavering focus and clear capital allocation strategy driving the investment and acquisition of new businesses, we are confident that the company will continue to deliver a strong performance and hit targets with a 15-20% growth in sales, reinforcing our leadership position as the retailer of the future and No.1 omnicentric retailer in Asia,” Mr Yol said.