MAGURO Group Public Company Limited (mai: MAGURO) reported a 25.6% year-over-year revenue surge to THB 655.5 million for the third quarter of 2026, driven by aggressive branch expansion. However, pre-opening costs and upfront investments for new store locations squeezed third-quarter net profit down 16.2% year-over-year to THB 32 million.
Key Financial Highlights
- Revenue: THB 655.5 million (+25.6% YoY)
- Net Profit: THB 32 million (-16.2% YoY)
- Gross Profit Margin: 47.8% (+40 bps YoY)
Top-line expansion was anchored by multi-brand portfolio growth. The flagship MAGURO Japanese dining brand generated THB 235.9 million (36% of revenue). HITORI SHABU contributed THB 168.4 million (25.7% of sales), while Other Brands—boosted by new launches including KAITEN SUSHI GINZA ONODERA and LAII—surged to THB 250.4 million (38.2% of sales).
Total operating locations reached 64 branches by September 2026, up from 49 a year earlier. Same-store sales growth contracted 10.7% in Q3, confirming that revenue expansion remains volume-driven via new branch additions rather than organic store-level gains.
Gross profit margin expanded 40 basis points to 47.8%, supported by reduced promotional discounting. However, net profit margin fell from 7.3% to 4.9% as selling expenses jumped 41% to THB 204.5 million (31.2% of sales).
Management attributed expense growth to pre-opening costs across eight Q3 store projects, brand launch marketing, and preparations for eight upcoming Q4 branch launches. Administrative expenses rose 28.2% to THB 57.6 million, reflecting corporate expansion and a THB 4.5 million annual employee event. Late-September flooding also temporarily disrupted select branches.
MAGURO maintains a debt-free capital structure with zero bank borrowings as of September 30, 2026. Cash reserves stood at THB 132.4 million, allocated toward store fit-outs and expansion. Total assets grew 17% year-to-date to THB 2,087.5 million, while total shareholders’ equity rose to THB 742.9 million.
Looking ahead, management is accelerating growth with eight new store openings planned for 4Q26, alongside the October launch of Japanese sandwich brand AGE.3. The company is focusing on value chain optimization and customer data to improve store traffic and restore net margins.
