What: Central announced for Q1 2021 a turnover -10% vs. LY, and a profit -48.4%

Why it is important: Situation in Thailand is not back to normal yet, and Central expects more consolidation and optimisation, after having united its department stores Central and Robinsons end of 2020 (link: https://www.iads.org/web/iads/2193-central-retail-to-unite-central-and-robinson-stores.php)

Thai group Central announced it reached 90% of its pre-covid level for Q1 2021, to USD 1.56 billion, which is seen as an encouraging move. However, profit is down -48.4% (USD 14.65 million). 2021 is for now considered more difficult than 2020 due to second and third lockdowns with store closures.

Central has maximized synergies with Robinson department store, now unified. They have also invested in Vietnam and new businesses. Further optimisation and restructuration should be expected this year.

Central Retail sales rebound to 90 per cent of pre-Covid levels