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DoHome soars in the first quarter despite store closures

Thai home improvement retailer Dohome reported stellar financial results in the first quarter of 2021 as the company remained unaffected by a series of government-mandated store closures implemented during the period. The company disclosed a 33.1 per cent rise in revenues to 6.13 bn Thai Baht (THB, EUR 159.9 mio). This, despite having to close branches in the provinces of Samutsakorn and Rayong from December 2020 to February 2021 as Thailand grappled with a new wave of the Covid-19 pandemic.

The company attributes the strong sales to e-commerce. "The temporary closure of retail stores had not generated negative impacts on sales because the company can normally service the customers via e-commerce telesales and the sales team channel," DoHome stated. It added that it also benefited from a 22 per cent increase in sales from old stores as well as the contribution of new locations to the top line.

During the period, Dohome opened a large format store and a Dohome ToGo branch. This brings the retailer's total store count to 13 large outlets and 12 Dohome ToGo shops.

The strong revenues, coupled with a more controlled cost of sales (78 per cent of revenues in 2021 vs. 84 per cent in 2020), resulted in a 206.3 per cent surge in net profit to THB 543.15 mio.

Dohome sells construction materials, office equipment and household products. Its categories include hardware tools, garden water pumps, electronics, bedroom furniture, household appliances, lighting and electrical equipment, sanitary ware, bathrooms and tiles, stationery, sports equipment, basic building materials and other products.

|26 May 2021 | 11:40


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