Mr. Yann Phokthap, Chief Executive Officer of Central Retail Corporation Public Company Limited (CRC) stated that Central Retail has experienced an Excellent Start in all business segments, achieving revenue and profit growth beyond pre-COVID-19 levels. In the first quarter, total revenue reached 63.206 billion baht (+12% YoY), EBITDA was 8.179 billion baht (+24% YoY), and net profit was 2.312 billion baht (+75% YoY). Fashion sales grew by 30%, food by 9%, and hardline in Thailand also grew by 9%. All these factors signal a positive outlook for Central Retail to achieve its growth target of 12-15% in 2023.

The success factors driving Central Retail's remarkable growth both domestically and internationally stem from a strong and flexible portfolio that continuously adapts, along with strategic moves that turned crises into opportunities during COVID-19. The company has been improving and developing its various stores and enhancing its Next-Gen Omnichannel platform. These efforts have yielded clear results in the past quarter, supported by the recovery of the retail and service sectors and the return of international tourists who are increasingly spending. Highlights of business growth in Q1/2023 include:

Central and Robinson Department Stores are continuously developing to provide superior shopping experiences for customers, focusing on new brand products and Total Solution services that truly understand customer needs. There are plans to expand, renovate, and upgrade Robinson branches into Central stores according to customer lifestyles in each area, following positive feedback from customers at Mega Bangna and Khon Kaen, which were previously converted to Central stores. Additionally, the positive factors from the recovering tourism sector have led to a remarkable 30% sales growth in the fashion business in Thailand and Italy, revitalizing department stores, especially in major tourist cities that meet all customer needs, such as Central and Robinson in Phuket, Central Pattaya, Central Chidlom, and Central World. The top five foreign tourist groups are from Russia, China, the Middle East, Europe, and Saudi Arabia, contributing to nearly 200% growth in tourist sales for Central and Robinson department stores in Q1 2023 compared to the same period last year, and a 16% increase compared to the same period in 2019 (before the COVID-19 outbreak). Currently, there are a total of 75 Central and Robinson department stores nationwide, with plans to open two more branches this year.

Thai Watsadu in the hardline segment has shown strong and continuous growth, having been in operation for only 12 years. Thai Watsadu is now ranked second in the hardline business in Thailand and has demonstrated outstanding performance in Q1/2023, despite a slowdown in the overall construction materials and DIY market, achieving a 15% sales growth compared to Q1 2022. The company plans to continue expanding its business, currently operating 74 branches nationwide, covering 43 provinces, with plans to open a total of 10 new branches this year under two main store formats: Thai Watsadu and Thai Watsadu x BNB Home (hybrid format), resulting in a strong customer base with over 1 million regular customers per month, supported by the Thai Watsadu application and comprehensive omnichannel services.

Tops, with its strong One Brand strategy that consolidates all models under the “Tops” brand, along with the new concept “Every Day DISCOVERY,” has been successful and reinforces Tops' leadership in Food Discovery & Destination, offering a wide range of new products that meet all customer needs. Tops achieved a 16% sales growth in Q1 compared to Q1 2022 and plans to open an additional 15 branches this year while further developing its omnichannel platform to meet customer needs comprehensively.

Robinson Lifestyle Centers are the leading shopping centers covering the most provinces in Thailand, currently with 27 branches across 25 provinces. Under the concept “Lifestyle and Experiential Community,” these centers serve as neighborhood shopping destinations for families, receiving positive feedback from customers. In Q1, rental and service income from both Thai and foreign customers grew by over 24% compared to Q1 2022, and foot traffic has nearly returned to 100% compared to pre-COVID-19 levels. Robinson Lifestyle continues to expand and renovate its shopping centers, with plans to launch the newest branch, Robinson Lifestyle Chao Fa in Phuket, in Q3 this year to welcome both Thai and international tourists.

In Vietnam, Central Retail's business continues to grow, leveraging the strength of its two main models: shopping centers and hypermarkets GO! which are continuously modernized. This has led to increased consumer traffic and occupancy rates for rental stores. Currently, GO! has rebranded from Big C to nearly 100% and has a total of 39 branches covering 29 provinces out of 63 in Vietnam. Additionally, Mini go! supermarkets, which offer quality products including fresh food and fashion at affordable prices to provide a modern lifestyle for people in suburban Vietnam, are also rapidly expanding to reach every community and customer group, with a total of 5 Mini go! branches and plans to open an additional 5-7 branches this year.

“After achieving an Excellent Start in Q1/2023, Central Retail has seen success and positive signs that we can close 2023 with a revenue growth target of 12-15%. Central Retail will continue to invest cautiously and expand its business while emphasizing sustainable growth and inclusive growth, with a commitment to becoming a Green & Sustainable Retail model, the first sustainable retail organization in Asia,”Mr. Yann concluded.