SABINA’s 1Q23 Proves Achievement from All Distribution Channels, Driving Revenue to Grow by 20.7%

SABINA reveals its 2023 earnings supported by growth from all distribution channels, resulting in 3-month revenue of this year (January-March) to reach 874.0 million baht, increased by 150 million baht or 20.7% y-o-y with the net profit of 117.0 million baht, increased by 15.4 million baht or 15.2% y-o-y. The increase was due to the unexpected success of “SABINA BRALESS” campaign originated from the innovation to enhance customer satisfaction, leading to sales landslide of all collections as well as marketing plan to thoroughly penetrate all customer groups. Also, revenue from investment in “Moda Philippines” has been gradually booked since March. The Company is confidence to achieve its 15% target growth in this year while continuing to achieve record-high revenue.

Miss Duangdao Mahanavanont, CEO of Sabina Public Company Limited or SABINA, the manufacturer and distributor of lingerie under the brand “SABINA” disclosed the Company’s satisfactory operating results of both revenue and net profit. The revenue from the 3 key distribution channels had all expanded: Retail channel through department stores’ counters and SABINA’s grew by 11.6% y-o-y; Non-Store Retailing-NSR grew by 27.1%; and OEM grew by 59.6%. In particular, the sales from retail channel had grown in all regions across the country, not only from Bangkok’s, reflecting distinctive recovery of consumer’s purchasing power. The key financial ratios such as Gross Profit Margin at 49.4% and Net Profit Margin at 13.4% signified well management of the profitability and cost control of the Company.

“In the first quarter of this year,  we received several supports from SABINA BRALESS campaign with braless innovation which could enhance customer satisfaction that had never occurred before, including marketing plan to establish awareness and to access to wider groups of customers. This has helped SABINA BRALESS to become the most popular product with ongoing sales volume in this quarter. Meanwhile, we also benefited from the baht weakness at the beginning period of this year, supporting revenue from OEM when we were delivering products to our oversea customers”, said Miss Duangdao.

CEO SABINA added that in this this year, the Company’s growth target increased by 15% from the previous year, leading to a new record high revenue since 2019 at 3,295 million baht. Upon consideration of the quarter 1 results and expectation of improved economic growth in the second-half period of this year in terms of domestic consumption, tourism, and export, the Company was confident to achieve its target growth.  

The progress on investment in Moda SBN Co., Ltd., a retail business operator and a distributor of SABINA products in the Philippines, after the acquisition of 77.33% of its registered capital made by SABINA International Co, Ltd., a subsidiary of SABINA, SABINA has gradually booked revenue per shareholding ratio of “Moda” shares since March 2023, the last month of the first quarter and SABINA will fully record the revenue in quarter 2 of this year. At present, “Moda” sales volume is at around 50-60 million baht and is expected to hit 200 million baht within 5 years.