PETALING JAYA: Mr DIY Group (M) Bhd’s net profit for the financial quarter ended Sept 30, 2023 (Q3 FY2023) rose 22% year-on-year (y-o-y) to RM123.95 million from RM101.18 million a year ago.
In its filing with Bursa Malaysia today, Mr DIY attributed the growth in earnings to the normalisation of freight costs and positive impact of price adjustments made in the previous financial year (FY2022).
Meanwhile, revenue increased by 10% to RM1.07 billion from RM966.16 million previously, driven primarily by positive contributions from new stores.
“Correspondingly, total transactions had increased 16.3% y-o-y to 41.6 million in the reporting quarter from 35.8 million,” said Mr DIY in the filing.
This was partially offset by a lower average basket size, which decreased 5.1% y-o-y mainly due to weaker consumer sentiment.
Mr DIY also reported that its store network had grown 16.4% y-o-y in Q3 FY2023 from 1,038 to 1,208 stores.
On its future prospects, Mr DIY said the group remains focussed on the strategic expansion of its store network, optimising revenue per sq ft and operational efficiency.
The group has a long-term target to operate 2,000 stores across its core retail brands, namely, Mr DIY, Mr Toy, and Mr Dollar.
In the near term, it targets to open 180 new stores across these core retail brands.
“As an integral but secondary dimension to the group’s growth strategy, we will make measured investments into new retail concepts, which are adjacent to our current retail verticals, in order to build greater specialisation, economies of scale and a more robust platform for long-term growth,” it said.
At market close, Mr DIY’s share price was two sen higher (1.26%) at RM1.61, giving it a market capitalisation of RM15.2 billion.