CRC’s hardline business up 14.6 per cent

The hardline segment of Thai retail company Central Retail Corp. (CRC) posted a 14.6 per cent rise in sales for 2022 as economic activity resumed in the country. CRC disclosed that its hardline business raked in sales of 72.851 bn Thai baht (THB, EUR 1.994 bn) owing to the growth of new branches and same store sales, as well as a 22-per cent rise in omnichannel sales.

The segment covers electronics, construction materials and equipment, home decor, DIY products, stationery, office supplies and e-books. Brands under it include Thai Watsadu and Baan & Beyond/BNB Home, along with Power Buy, OfficeMate, B2S, MEB and Nguyen Kim.

“Consumer demand for residential repair and decoration had continuously increased, students returned to on-site classrooms and office workers returned to work onsite in the second quarter,” CRC noted. In the fourth quarter, however, the segment notched a three-per cent decrease in revenues, to THB 18.318 bn, coming off a higher base. “Last year achieved a high sales volume due to pent-up demand after the first stage of the reopening of the country,” CRC noted. It added that a shortage on electronic products, as well as floods in some provinces, affected quarterly earnings.

For 2022, the company opened six Thai Watsadu branches to bring its total home improvement store network to 70. It also launched a new “killer format” that combines Thai Watsadu and BNB under one roof.

Hardline makes up 34 per cent of CRC’s revenues. Apart from this, the company is also into food, fashion, and property development.

You'll find more information about CRC's home improvement retail activities in the DIY+ section.