Malaysian home improvement chain Mr. DIY is off to a strong start this year with a 9.2% increase in revenue in the first quarter of the year. The company revealed that its revenue for January to March 2024 rose to 1.14 billion Malaysian ringgits (MYR, EUR 223.91 million) due to an increase in the number of stores.
Mr DIY expanded its store network from 1,125 branches during the comparison period to 1,298 stores as at the end of March 2024. “Transaction volume increased by 15.8%. [per cent] The company added that the increase in its number of locations has boosted its customer base to “44.2 million.”
The Malaysian operation accounted for the majority of the company's sales with RM1.13 billion, while Brunei accounted for the remainder.
First-quarter sales were down 0.3% compared with the company's sales for the last three months of 2023. “The slight decrease was due to [the fourth quarter of 2023]”This coincided with school holidays and other public holidays at the end of the year,” the company explained.
Mr. DIY said it was targeting opportunities to accelerate growth through “horizontal and vertical acquisitions”. Last year, it acquired an operating interest in Emtop, a retailer of power tools and hardware in Malaysia.
Mister DIY also reiterated plans to pursue a “planned” store expansion strategy to open 180 stores this year and reach 2,000 by 2028. “Our expanded store network will make us more accessible to more Malaysians,” Mister DIY chief executive Adrian Ong said in a statement.
– Jenny Grace U. Rubrico