Siam Global House, one of the biggest home improvement retailing chains in Thailand, recorded a double digit fall in its consolidated revenues in the third quarter owing to the decline of shoppers' purchasing power during the period. The company disclosed that it posted a 10.16 per cent decrease in revenues, to 7.34 bn Thai Baht (THB, EUR 191.72 mio) during the period, marking the third consecutive quarter of tepid sales.
For the nine-month period ending September, sales fell 8.31 per cent to THB 24.77 bn. "[This was] due to the declining sales from a decrease of consumer purchasing power during economic slowdown," the company said.
During its investors' briefing, the company said same store sales fell 12.29 per cent in the third quarter and 10.29 per cent in the nine-month period. Global House stated that it expanded its store network to 81 branches as of end-September. It plans to end the year with 84 stores.