MR D.I.Y. Group which operates the largest hardware and home improvement stores in the country has reported revenue of RM768 million for the third quarter ending September this is a 4% increase compared to the challenging period retail stores were facing for the year.
However their increase was also attributed to high sales from new stores, profits, on the other hand, were 20% lower at RM90.4 million, mainly due to pandemic-related store closures from COVID-19 restrictions and the Enhanced Movement Control Order (“EMCO”) in selected locations nationwide.
During the quarter, approximately 8% of its stores were closed primarily due to pandemic-related restrictions, with conditions improving substantially towards to end as the retail operating environment normalised. For the nine-month financial period ended, MR D.I.Y. registered cumulative revenue and PAT of RM2.4 billion and RM297.3 million respectively, up 34% and 30% respectively compared to the corresponding period in 2020. The overall growth for the period was led by a strong 1QFY2021 performance, which continued into April and May 2021, as well as positive contributions from new stores.
Commenting on the results, CEO Adrian Ong said, “The Group’s financial results reflect the resilience of our business. While in the short term we were impacted by the closure of stores due to COVID-19 restrictions, the longer-term performance continued to show steady growth, driven by new stores. Also encouraging to note was that the number of transactions and the average basket size had both increased following the normalisation of store operations.”
The Group saw a net growth of 107 stores across its three brands – MR. D.I.Y, MR TOY, and MR DOLLA, an increase of approximately 15% from December 2020 with the majority being MR DIY stores. This brings the Group’s total number of stores to 841 as at 30 September 2021. The Group’s store expansion program is progressing well and it aims to open a further 68 stores across all three brands in the fourth quarter of 2021.
