Mr. DIY posts 25. 8 per cent revenue growth for Q3

A jump in the number of purchases coupled with a low base and price hikes led to a 25.8 per cent growth in Malaysian home improvement giant Mr. DIY’s revenues for the third quarter. The company disclosed revenues of 966.2 mio Malaysian ringgit (MYR, EUR 202.64 mio) for the three-month period ending in September, saying “positive” same store sales growth and the contribution of new stores led to a 40.1 per cent rise in sales transactions, to 35.8 million. The company’s store network rose from 841 in the third quarter of 2021 to 1 038 as of end-September 2022.

“The increase also reflects the impact of lockdown measures in 3QFY2021 that led to a temporary closure of some stores and lower overall traffic,” the company acknowledged, as it noted that third quarter revenues were 7.9 per cent lower against the second quarter when the company’s sales breached MYR 1 bn due to seasonal factors.

Price increases which were implemented since the second quarter to offset the higher freight costs as well as the institution of a minimum wage policy in Malaysia beginning 1 May also supported the company’s topline. Mr. DIY, which is known for its motto “Always Low Prices” added that it will continue to review its pricing, as well as optimise its product mix and automate its processes to keep to its profit margins.

For the nine-month period, Mr. DIY reported sales of MYR 2.920 bn (EUR 615.57 mio), up 21.7 per cent from the same period last year. Of this, the Malaysian operations accounted for MYR 2.908 bn (EUR 613.04 mio), while Brunei, where the company has seven stores, contributed MYR 20.822 mio (4.39 mio).

Mr. DIY plans to open 42 outlets for the rest of the year to end 2022 with 1 080 branches.