CP ALL Public Company Limited (SET: CPALL) has reported results of its first quarter of 2026 with strong financial momentum, driven by a recovering tourism sector and the continued success of its omni-channel approach. For the first quarter ending 31 March 2026, the retail giant reported a consolidated net profit of Baht 9,118 million, representing a significant 20.2% increase compared to the same period in 2025. This bottom-line growth was supported by a 5.8% year-over-year (YoY) rise in total revenue, which reached Baht 267,672 million.
The core convenience store business remained the primary engine of growth, reporting revenue from sales and services of Baht 121,958 million, up 7.0% YoY. Performance was bolstered by a recovery in foreign tourist arrivals—particularly from China—and increased domestic mobility surrounding the general election in February. Furthermore, CPALL’s Offline-to-Online (O2O) strategy, including “7Delivery” and “All Online,” accounted for approximately 11% of total sales, proving effective in meeting modern consumer needs.
On the expense side, total distribution costs and administrative expenses rose 4.8% YoY to Baht 51,309 million. While distribution costs increased due to store expansion and rising employee benefits, the company demonstrated disciplined management as administrative expenses actually decreased by 4.2% YoY. Consolidated gross profit margin remained stable at 22.7%, while the convenience store segment saw its margin improve to 29.6% due to a strategic focus on high-margin food and beverage products.
Expansion remains a critical pillar of CPALL’s strategy. During the first quarter, the company opened 139 new stores, bringing its total network to 16,084 locations. The international footprint also grew, with 63 stores now operating in Cambodia and 30 in Lao PDR.
Looking ahead, management plans to maintain this pace by opening approximately 700 new stores in Thailand throughout 2026, backed by a projected capital expenditure of up to Baht 13,600 million. Despite potential headwinds from volatile energy prices, CPALL’s robust infrastructure and digital integration position it strongly for the remainder of the year.
