Mr DIY Group reported its third quarter revenue which saw an increase of 6.4% year-on-year to RM1,135.1 million which was driven by higher transactions and the contribution of new stores. However this was partially offset by a decline in like-for-like sales growth, reflecting tightening household spending and weaker consumer sentiment during this period.

The Group opened a net total of 49 new stores during the quarter, representing 15.0% y-o-y growth and bringing the total store count as of the end of September 2024 to 1,389. Total transactions rose 9.0% y-o-y to reach 45.3 million in tandem with the increase in store numbers. However, the growth in transactions was partially offset by a 2.2% decline in basket size, likely due to the aforementioned factors.

Gross profit for 3QFY2024 grew 7.5% y-o-y to RM515.4 million, driven by higher revenue, while gross profit margin remained broadly stable at 45.4% compared to the same period last year.

Other operating income for the quarter amounted to RM8.2 million, mainly comprising management fees, interest income derived from short-term fixed deposits, and the accretion of discounts from security and utility deposits on leases.

Administrative and other operating expenses for 3QFY2024 increased by 25.6% and 10.2% y-o-y to RM56.7 million and RM283.7 million, respectively. This increase was driven primarily by higher staff costs, depreciation of right-of-use assets and fixed assets, and higher utility expenses, consistent with the Group's business expansion activities and support for its growing store network. The Group also incurred higher administrative and operating expenses of approximately RM6.0 million (including certain one-time charges of RM3.7 million) associated with operating our new automated warehouse and other warehouse facilities, which continue to operate normally.

Group profit before tax and profit after tax ("PAT") decreased 1.5% and 1.9% y-o-y respectively to RM164.5 million and RM121.6 million, as a result of the above.