CP AXTRA announces its performance for the third quarter, reporting revenues of Baht 119,502 million, an increase of Baht 3,841 million. This impressive growth reinforces its position as the number 1 in the wholesale and retail industry in Thailand.
CP AXTRA Public Company Limited (the Company or CPAXT) has announced its performance for the third quarter, with revenues of Baht 119,502 million, an increase of Baht 3,841 million. Furthermore, the Company reported a net profit of Baht 1,677 million, marking a 5% increase compared to the same period last year. The company expects continued growth in the fourth quarter, driven by the high season, expanding and developing new store formats, including the renovation of existing stores. Additionally, the Company is focusing on increasing sales from Omni Channel to meet the evolving needs of customers.
Mr. Tanin Buranamanit, Chief Executive Officer - CP AXTRA Public Company Limited, revealed that in the third quarter of 2023, the Company achieved revenues of Baht 119,502 million, increased 3% compared to the same period last year. This was driven by sales from in-store, and online, out-store along with delivery products to customers (“Omni Channel”), including the growth of shop rental income. The net profit reached Baht 1,677 million, grew by 5% from last year. With the exception of losses on disposal of assets from wholesale business in China, the core profit will be reported at Baht 1,716 million, increased by 7%, reflecting a positive trend compared to the first half of the year. For the first nine months of 2023, the revenues reached Baht 361,336 million and a net profit of Baht 5,358 million, representing 5% and 3% increase from the same period in the previous year, respectively. The core profit, excluding early long-term loan repayment and losses on disposal of assets from wholesale business in China, will be reported at Baht 5,496 million, increased by 5%.
Looking ahead to the fourth quarter of this year, CP AXTRA anticipates continuous revenue growth during the high season, pushed by the positive trend of consumer spending. The company expects same-store sales growth (SSSG) to remain strong because of the recent store renovations that have significantly increased customer traffic. CP AXTRA aims to expand stores in various formats, both domestically and internationally. In the final quarter of 2023, there will be 6 new stores of Makro and 3 new supermarkets of Lotus's. This will optimize the utilization of existing assets to maximize benefits, adjusting store formats to serve the needs of customers in each area.
Furthermore, CP AXTRA remains committed to boosting sales through the Omni Channel, leveraging a network of over 2,700 stores as micro fulfillment centers along with the salesforce team to drive sales in all dimensions. The introduction of hyper-personalization of products and promotions is expected to increase Omni Channel sales to 15% of the total sales in 2024.
The Company also has plans to renovate existing store across the country, aiming to transform into community centers that cater to the diverse needs and lifestyles of local communities. Whereas the different store layouts will be customized based on the community's requirements, attracting more customers through effective marketing strategies. These will ultimately contribute to sustained revenue and profit growth for the Company.
