creating business alliances that grow together and ready to operate the ZIGA OUTLET franchise expansion and the expansion of branches according to the target in the second quarter. A marketing plan focused

changes of cost. Consequently, it affected the profit margin. the Company still has no policy to overstock but to manage the inventory turnover efficiently. Beside this, The Company focused on managing the

such as salary of salespeople and beauty advisors from both the Company and Kuron Company Limited. In addition, we have focused on efficiency in cost control. Consequently, sales expenses to sales

was due to the fact that the Company has focused on promotional activities were also organized jointly with leading shops and department stores. In May 2017, the Company cooperated with Big C

LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q3/2017 2 2. Economic Situation The Thai economic activity in the third quarter of 2 0 1 7 continued to expand. Export–oriented manufacturing businesses

popularity of grilled buffet and café-style restaurants. Although the economic slowdown and severe competition in the restaurant industry resulted in the decrease of same store sales, the Group focused efforts

chain as earlier explained. However, Branded export sales continued to grow outstandingly by c.25% as a result of the Company’s successful marketing strategy in each focused country as earlier explained

each focused country. Sales breakdown by business and geography are as follows: Sales Breakdown by Business:  Brand: Baht 2,042 million, down 9% YoY  CMG: Baht 2,342 million, down 16% YoY  Sales ratio

acquisition and maintain existing subscribers . The spending on handset subsidies were controlled and focused on quality subscriptions, even though new models e.g. iPhone X, Samsung Note 8 were released

take-home or delivery services only. The Group placed importance on maintaining continuity in providing efficient services to our customers and therefore the Group focused on improving the efficiency of