Mr. DIY Malaysia boosts Q1 sales with new outlets

Malaysia’s most prolific home improvement retailer hit a double-digit rise in revenues in the first quarter of the year thanks to seasonal spending and its aggressive store opening strategy.  Mr. DIY Malaysia disclosed revenues of 1.26 bn Malaysian ringgit (MYR, EUR 262,33 mio) for the period, up 10 per cent from the same quarter last year.

"This growth was underpinned by the Group’s continued expansion with the addition of 173 net new stores, growing the total store count from 1,298 to 1,471, a 13.3 [per cent] increase [year-on-year]," the company disclosed. The store network expansion pushed up total transactions (the number of times that tills rang up a purchase) by 9.1 per cent to 48.2 million during the quarter. Basket size, or the average amount that buyers pay for each visit, also saw an incremental 0.9 per cent uptick. 

"The earlier timing of Hari Raya festivities this year - in…