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Low base pushes Mr. DIY to best quarterly performance

Mr. DIY is Malaysia’s biggest home improvement retail chain with 788 stores.

Mr. DIY is Malaysia’s biggest home improvement retail chain with 788 stores.

Mr. DIY, Malaysia's biggest home improvement retail chain, posted what it touts as its best quarterly performance in its 16-year history on the back of a low base. The company disclosed a 63 per cent rise in revenues to MYR 870.2 mio (EUR 175.95 mio) and a profit surge of 113 per cent to MYR 124.8 mio (EUR 25.4 mio) for the first quarter of 2021. The 2021 results are compared against a difficult first quarter in 2020, when all non-essential retail establishments in Malaysia were ordered to shut their stores from 18 to 31 March in compliance with Covid-19-related movement restrictions.

"The improved performance was also a result of a positive contribution from new stores, where its store network increased by 25.5 per cent, from 628 in the first quarter 2020 to 788 in 2021," the company added in a statement. In addition, online sales for the quarter rose 21.7 per cent to MYR 29.9 mio (EUR 6 mio).

In the January to March 2021 period, Mr. DIY added 54 stores across its three brands, of which 30 were Mr. DIY stores, 22 were Mr. Dollar stores and two were Mr. Toy stores. The company is set to open 121 more outlets for the rest of the year to close 2021 with 175 new locations.

It has also expanded its offerings to 18 000 SKUs across its five major categories: hardware; household and furnishing; electrical; stationery and sports equipment products; and toys, car accessories, jewellery, cosmetics and food and beverage items.

Last March, the company opened a MYR 5 mio, 6 500 m² e-commerce robotic warehouse in Selangor, Malaysia. The company said that the warehouse allows it to process online purchases at triple its previous rate.

Apart from its stores in Malaysia, Mr. DIY also operates five stores in Brunei.

| 6 May 2021 | 08:35


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