Thai discount retailer Siam Makro has posted a 54% fall in second-quarter net profit as its new wholesale strategy struggled to attract customers.
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The retailer’s net profit fell to 162.6m baht (US$3.9m), compared to 350.7m a year earlier. The result failed to meet analysts’ expectations of 190m baht.
Siam Makro is aiming to become a members-only wholesaler, which is seen by some observers as a long-term strategy to counter any future regulations that may stifle retail expansion, reported Reuters.
