MWG PLC has released its business performance report for the first six months of 2024, revealing a notable reduction in the number of phone, electronics, and pharmacy stores.
Specifically, the MWG phone chain (including Topzone) decreased by 24 stores, leaving 1,046 stores in total.
The Dien May Xanh electronics chain (including Dien May Xanh Supermini) witnessed a more significant drop with 87 stores closed, resulting in a total of 2,093 stores.
The An Khang pharmacy chain also contracted, reducing its presence by 45 stores and ending the period with 481 operational stores.
These three chains collectively shut down 156 stores in June alone. This downsizing trend is the most drastic move by MWG in the past two years. Previously, the company had made similar strategic decisions, such as closing 215 Bach Hoa Xanh grocery stores in June 2022 and an additional 154 stores in July 2022. In November 2023, they also opted to close 58 MWG phone stores and 71 Dien May Xanh electronics stores.
When examined individually, this marks the most extensive store closure for both the Dien May Xanh and An Khang chains in their history. For the MWG phone chain, it represents the second-highest number of closures in a single month.
Interestingly, despite the significant reduction in stores, the company’s revenue remained largely unaffected. Dien May Xanh’s revenue for June reached approximately VND 5,067 billion, a modest 3% decrease compared to May. The company attributed this slight decline to the post-peak season for air conditioners, while also highlighting the double-digit growth in TV sales driven by the Euro football tournament.
Conversely, MWG’s phone chain experienced a nearly 9% increase in revenue, reaching VND 2,400 billion—the highest in eight months—attributed to robust phone sales.
Novaland reports over VND 1,600 billion in profit for Q4/2023, bond debt reduced by VND 6,000 billion in one year.
In 2023, Novaland achieved a profit of over 800 billion VND, in contrast to the first half of the year when the company incurred a loss of over 1,000 billion VND.
