Retailer of lifestyle and fashion products; body care, skin care, spa, fragrances products; spa services and food and beverage business
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 485.71 | 462.83 | 1,777.18 | 1,432.03 |
| Expenses | 420.64 | 379.88 | 1,570.71 | 1,174.38 |
| Net Profit (Loss) | 38.91 | 60.40 | 130.07 | 166.79 |
| Assets | 2,776.34 | 2,379.59 | 2,725.05 | 2,302.54 |
| Liabilities | 1,102.77 | 769.32 | 1,088.72 | 753.19 |
| Shareholders' Equity | 1,661.98 | 1,611.32 | 1,624.97 | 1,549.78 |
| Operating | -4.05 | 60.38 | 247.11 | 239.80 |
| Investing | -18.90 | -13.49 | -121.74 | -171.78 |
| Financing | 53.03 | -38.62 | -146.83 | 47.25 |
| EPS (Baht) | 0.13 | 0.20 | 0.43 | 0.84 |
| GP Margin (%) | 66.50 | 67.03 | 64.67 | 64.10 |
| NP Margin (%) | 8.06 | 12.91 | 6.77 | 11.38 |
| D/E Ratio (x) | 0.66 | 0.48 | 0.67 | 0.49 |
| ROE (%) | 6.63 | 11.55 | 8.19 | 17.72 |
| ROA (%) | 7.32 | 11.64 | 8.21 | 12.36 |
The Group reduced its 2025 investment plan to 3.1% of revenue, and revised its growth forecast to at least 15% to control expenses and enhance profitability. The Group will proceed with cost control measures across all departments, particularly in the food/beverage business, and reduce losses from unprofitable ventures, i.e. closing unprofitable branches of Cath Kidston and Café, and halting investments in unprofitable overseas ventures. The company will also adjust management plans in Singapore, China, and Japan, strengthen the role of the headquarters, and begin implementing a Digital Transformation strategy in Q3/2025 to increase sales, reduce marketing costs, and enhance long-term sustainability.
The Group defines sustainability strategies and goals to cover all stakeholders, including creating value for society, environment, & overall economy. The clear sustainability framework of 3P are PLANET, PEOPLE, and PROSPERITY & WEALTH.
PLANET: Environmental Responsibility. The company is committed to reducing environmental impact through policies that emphasize efficient and sustainable resource utilization.
- Sustainable Packaging: Expand the HARNN Upcycle / Recycle Packaging Program by increasing the proportion of recycled and biodegradable materials.
PEOPLE: Strong & sustainable society. The company believes that organizational success begins with employees and society.
- Employee Development: Organize training programs & enhance specialized skills i.e. customer service & the use of technology to support future growth.
- Social Projects: : Initiate TANACHIRA CARE to create activities that promote mental health and quality of life, i.e. distributing special products or charitable activities, to use part of the proceeds to help the community.
PROSPERITY & WEALTH: Transparent & sustainable governance. Stable & transparent economic growth is the heart of building long-term trust.
- Product and Service Innovation: Develop high-quality products that truly meet consumer needs.
- Conducting business with transparency: Adhere to strong corporate governance principle to build trust with stakeholders
In Q1 2025, the Group's total revenue grew by 4.1% year-on-year, despite a 35.6% decrease in profit due to increased costs and investments. Blended same-store sales growth (SSSG) declined by 8% due to economic impacts, earthquakes, a decrease in tourists, and a significant reduction in new products from PANDORA. The Group continues to implement strategies to diversify its reliance on any single brand and reduce its dependence on domestic revenue.
- Revenue from sales in Q1 2025: The Group's total revenue was 476.5 million Baht, a 4.1% increase year-on-year. Significant growth was observed in the fashion and food/beverage segments, as well as in overseas subsidiaries, particularly in China, Vietnam, Singapore, and Japan. International revenue increased to 11% of total revenue, growing by 203.2% y-o-y.
- Gross Profit Margin in Q1 2025: The Group's gross profit was 316.9 million Baht, a 3.3% increase year-on-year. Although the gross profit margin slightly decreased (66.5% compared to 67.0%), it remained at a good average level.
- Net Profit in Q1 2025: The Group's net profit was 38.9 million Baht, representing a net profit margin of 8.2%, a decrease from the previous year. This was due to expenses from business expansion, both domestically and internationally, increasing faster than revenue.
Key Developments for Q1 2025
Branch expansion
- February 2025 GANNI, the Danish fashion brand, launched its second GANNI store at Siam Discovery.
- March 2025 The company continues to expand its luxury fashion empire, opening MM6 Maison Margiela's first mono store in Thailand at Siam Discovery.
The company defines a risk management process to ensure that the steps and methods of risk management are systematic and consistent throughout the organization. Business strategies and objectives are clearly defined to align with risk assessments and the organization's risk appetite. The company classifies risks into 5 categories as follows:
- Strategic Risk Risks associated with defining strategic plans and operational plans.
- Operational Risk Risks associated with the operations of each process or activity within the company, including risks related to information technology management and knowledge data.
- Financial Risk Risks associated with financial management, which may arise from internal or external factors.
- Compliance Risk Risks arising from non-compliance with relevant regulations and rules of regulatory agencies.
- Emerging Risk Risks that have not yet emerged but may arise in the future due to changing business environments.
The Group is committed to promoting a Risk Culture by integrating risk management concepts into operational processes at all levels. Opportunities are provided for management & employees to participate in risk identification & management, including supporting continuous learning & development. All of this enables the group to cope with uncertainty & grow steadily and sustainably.
- In January 2025, HARNN won the Best Fragrance award at the ELLE BEST OF BEAUTY 2024 with the TRIO SCENT CANDLE SET CALM & COZY.
- In February 2025, Pandora, a leading Danish jewelry brand under the company's management, won the FINALIST award in the BEST BRAND PERFORMANCE ON SOCIAL MEDIA category, GOLD & JEWELRY group, from the 13th Thailand Social Awards for the 4th consecutive year.
| as of 31/03/25 | TAN | COMM | SET |
|---|---|---|---|
| P/E (X) | 11.02 | 19.85 | 15.78 |
| P/BV (X) | 0.88 | 1.54 | 1.10 |
| Dividend yield (%) | 6.90 | 2.89 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 1,434.00 | 2,070.00 | 3,990.00 |
| Price (B/Share) | 4.78 | 6.90 | 13.30 |
| P/E (X) | 11.02 | 11.84 | 24.64 |
| P/BV (X) | 0.88 | 1.30 | 2.39 |