CHIC is optimistic about its business direction in Q2/2023, gradually recognizing revenue from additional projects. The company is accelerating its bidding for both horizontal and vertical projects while enhancing its online and offline sales channels and marketing activities to stimulate sales, responding to the recovering purchasing power post-crisis. This is expected to drive overall revenue growth in line with targets. The Q1/2023 results revealed total revenue of 150 million baht and a profit of 0.79 million baht.

Mr. Kijja Patmasathian, Managing Director of Chic Republic Public Company Limited, or “CHIC,” a distributor of furniture, home decor, household goods, mattresses, and bedding in large standalone stores under the main brands “Chic Republic” (CHIC) and “RINA HEY,” along with imported products under the “Ashley” brand, stated that the business outlook for Q2/2023 shows promising growth. The project business is gradually delivering work and recognizing additional revenue, with the company continuously bidding for new projects in both horizontal and vertical sectors. At the same time, it is expanding its customer base and creating opportunities for its comprehensive design and decoration service business, “Chic Design Studio.”

Additionally, the company is actively developing new products, both imported and domestically produced furniture, preparing to diversify home decor offerings. Previously, the company had slowed product development and reduced the variety of products due to the COVID-19 pandemic. However, with the current easing of the situation and the country's reopening policy, demand for home decor products has increased.

Moreover, the company is advancing its product development strategy to create added value, enhancing competitive advantages while organizing marketing activities and special promotions to meet changing consumer behaviors. This is expected to positively impact overall sales and gross profit across all sales channels, both online and offline, driving revenue growth in line with set goals.

For Q1/2023, the company reported total revenue of 150 million baht, a decrease from 218 million baht in the same period last year, with a net profit of 0.79 million baht, down from 15 million baht in the previous year.

The decline in performance was attributed to delays in construction for certain projects, which postponed the final stages of decoration and furniture installation, leading to revenue recognition not aligning with planned schedules. However, the company expects to gradually deliver work and recognize additional revenue starting in Q2/2023.

Nonetheless, sales from both physical stores and online channels have increased, with high spending per bill. The company has also begun recognizing revenue from leasing space at its Ratchaphruek branch and is preparing to renovate its Bangna branch to accommodate new tenants, helping to create a steady income stream.