Upward spending spiral

Strong DoHome revenues in the first quarter

Adisak Tangmitrphracha is chairman of the executive committee at DoHome.(Source: DoHome)
Adisak Tangmitrphracha is chairman of the executive committee at DoHome.

Thai home improvement retailer DoHome posted a stellar 36-per cent surge in sales for the first quarter of the year, but high costs put pressure on its bottom line. DoHome disclosed that it made 8.244 bn Thai baht (THB, around EUR 225.4 mio) in sales revenues for the period on “rapid increment in revenue from sales of new branches” as well as from the contribution of existing ones.

The company opened one large branch in Hat Yai, a city that borders Malaysia, and a smaller DoHome To Go branch at the Bangsri Nueng Market in the first three months of 2022.

It added that “although Covid-19 pandemic intensified in the first quarter of this year”, e-commerce and telemarketing helped the company's performance.

Cost of sales, however, rose 43.2 per cent during the period to THB 6.852 bn, while selling and administrative expenses soared 44.3 per cent as a result of the opening of the two new branches and the beefing up of headquarters personnel.

The company reported a 15.4 per cent fall in net profit to THB 459.53 mio.

During the period, the company closed down two small branches. Its total store count as of end-March was at 17 for large branches and nine for To Go outlets.

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