Sales of Mr. DIY Malaysia impacted by oil subsidy removal

Malaysian home improvement retail giant Mr. DIY reported a 5.6 per cent increase in sales as new stores offset weak consumer sentiment due to the removal of decades-old oil subsidies. The company reported third-quarter sales of 1.2 bn Malaysian ringgit (MYR, EUR 251 mio), bringing year-to-date sales up 5.6 per cent to MYR 3.6 bn.

During the quarter, Mr. DIY Malaysia opened 26 new stores, bringing the total number of stores to 1,528 at the end of September. "The total number of transactions increased by 8.4 per cent [compared to the previous year] to 49.2 million, which was partially offset by a 2.8 per cent decline in the average basket value," the company said.

Compared to the second quarter, sales declined by 1.3 per cent, which was attributable to festive spending in the previous period and market nervousness due to the removal of petrol subsidies that had been in place since the 1980s…