MR D.I.Y. to strategically expand, targets 180 stores by end of year

Malaysian home improvement retailer, MR D.I.Y. Group will be continuing its investment in store expansion, enabling it to reach more market centres and less urban areas to meet the needs of the underserved value shopper.

In line with its projection, a statement by MR D.I.Y. seen on a filing by Bursa Malaysia, said that the company is on track to exceed its full-year target of opening 180 new stores. The expansion plans aim to meet shoppers’ needs while driving its growth.

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“We are also highly encouraged by the significant progress in the recovery of our profit margins despite current operating challenges, which is a convincing indicator of the strength and resiliency of the business,” said MR D.I.Y’s CEO, Adrian Ong.

The company has reported steady progression on all key metrics in Q2 of 2023, a better performance compared to 2022.

The group delivered RM1.1 billion in revenue in 2QFY2023, a 4.9% increase compared to 2QFY2022, which was primarily attributed to positive contributions from new stores. In tandem with this, total transactions rose by 13.1% y-o-y to 40.9 million transactions in Q2 of 2023.

Its gross profit margin for Q2 rose by 5.3% year-on-year to 46.3%. According to MR D.I.Y.’s filing, the improvement is attributed to a significant decline in freight costs, which has normalised to pre-pandemic levels, as well as the impact of price adjustment exercise which was carried out in 2022.

Commenting on the results, Ong said that in today's inflationary environment, value is the driving force of retail decision-making, as can be seen not just in the home improvement sector, but also in other key retail sectors like groceries, stationery and home appliances. “Our steady growth in 2QFY2023 is a strong signal that MR DIY's value for money proposition is relevant and resonates with today's value-conscious shopper,” he added.

Earlier this year in May, MR D.I.Y launched a campaign titled “Meron DIYan” with Filipino family, Team Kramer as its new brand ambassador. The campaign aimed to highlight MR D.I. Y’s goal of meeting families’ everyday home and lifestyle needs and remains committed to its motto to keep prices low, offering a wide range of products and essentials aimed at meeting its customers' daily needs and demands.

The choice of Team Kramer as the brand’s ambassador came as the brand looked to select a family that embodies the brand value of MR D.I.Y, which include positivity, shared experience, growth, hard work, respect and love, shared Roselle Andaya, CEO of MR D.I.Y Philippines. These values are the ones she thought the two parties shared, said Andaya.

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