In an exciting move, Malaysian home improvement retailer, MR D.I.Y. Group has declared that it will further its investment in expanding its stores. This step aims to reach both urban and rural centres and meet the needs of value shoppers who are often underserved.
Based on its current projection, the company has confirmed through a statement on Bursa Malaysia that it is set to go beyond its full-year goal of opening 180 new stores. This is not merely an expansion; it’s a strategy aimed at understanding and catering to shoppers’ needs, thus fueling the company’s growth.
MR D.I.Y’s CEO, Adrian Ong, expressed his optimism, stating, “We are highly encouraged by the progress in recovering our profit margins despite current operating challenges. It’s a strong sign of our business’s strength and resilience.”
The Q2 report of 2023 reveals a steady growth across all key areas for the company, showcasing a better performance compared to the previous year, 2022.
In numbers, MR D.I.Y. Group delivered a revenue of RM1.1 billion in 2QFY2023, marking a 4.9% increase as compared to 2QFY2022. This growth is primarily due to the positive contributions coming from newly opened stores. Along with this, the total transactions surged by 13.1% year-on-year to 40.9 million transactions in Q2 of 2023.
The report also highlights a 5.3% year-on-year rise in its gross profit margin to 46.3%. This growth can be traced back to a notable drop in freight costs, which has now stabilized to pre-pandemic levels. A price adjustment exercise carried out in 2022 also contributed to this improvement.
Speaking about the recent success, Ong emphasized that value drives retail decision-making in today’s inflationary climate. This is evident not only in the home improvement sector but also in other retail sectors like groceries, stationery, and home appliances. “Our steady growth in 2QFY2023 is a clear indication that MR DIY’s value for money proposition resonates with today’s value-conscious shopper,” he added.
Overall, MR D.I.Y. Group’s decision to expand its stores, coupled with a strong focus on offering value, reflects a bright future for both the company and its consumers. Its strategic alignment with market needs makes it a notable player in the Malaysian retail landscape.
