KUALA LUMPUR: MR DIY Group (M) Bhd posted its strongest quarterly results to date, with its net profit and revenue surging 113% and 63% to RM124.8mil and RM870.2mil, respectively, in the first quarter ended March 31,2021.
The group said its strong results were supported by higher average monthly sales per store, led by strong performance of its standalone stores and lower sales from a year ago due to the movement restrictions.
“The improved performance was also a result of positive contribution from new stores, where its store network increased by 25.5%, from 628 in the first quarter of 2020 to 788 in the first quarter of 2021, ” it said in a statement.
Total transactions for the quarter rose 21.7% to 29.9 million from 24.6 million.
Chief executive officer Adrian Ong said the group’s store network would continue to grow, allowing it to be more accessible to consumers restricted by movement restrictions.
“Our breadth of products has expanded to about 18,000 stock keeping units (SKUs) today and we are investing in growing our e-commerce platform and in managing efficiencies. These have been the cornerstones of our growth strategy which continue to deliver sound results, ” he added.
The group’s store network grew by a net 54 stores across its three brands, comprising 30 new MR DIY stores, 22 new MR DOLLAR stores and two new MR TOY stores.
As at March 31,2021, total number of stores stood at 788, of which 713 were MR DIY stores, 39 MR TOY stores and 36 MR DOLLAR stores.
This year, the group aims to open a further 121 stores across its three brands.
Moving forward, Ong said it would continue to increase sales in existing stores, expand its e-commerce business and create sustainable growth through the strategic expansion of its store network across its three brands.
“In addition, the home improvement industry is expected to grow at a compounded annual growth rate of 10.7% over five years from 2020-2025, which indicates that there is significant scope for our business to further penetrate the home improvement retail market, ” it added.
MR DIY has declared a dividend of RM50.2mil for the first quarter of 2021.