Central Retail's profit down 47.6% to $28.77m in Q3
Sales have recovered compared to Q2, but consumer spending continues to drag.
Central Retail's net profit crashed 47.6% YoY to $28.77m (THB869m) in Q3, the company announced in bourse filings. Revenue fell 11.1% to $1.58b (THB47.57b) over the same period.
For the first nine months of 2020, the company posted a loss attributable to its equity holders of $3.34m (THB1.01b).
The company has attributed the lower profits from a domestic consumer spending that is yet to fully recover due to concerns over a second wave of the pandemic, as well as the travel restrictions, slowdown of economic recovery, and business cutting down expenses and layoff.
This has affected its business in every segment, particularly fashion in Thailand and Italy. "After reopening stores, our sales and profit in the third quarter have steadily recovered compared to the last quarter, despite the COVID-19 pandemic and flashfloods in some area in Thailand and Vietnam," the company said.
To stimulate sales, the company launched promotional activities, campaigns and discounts as well as co-promotions with the suppliers and credit card/ E-wallet service providers such as “Dolfin.”