margin as a percentage of sales has increased from 25.89% in previous year to 26.17% due to change in product sales mix of general merchandise and the enhancement of directly sourced private-label goods

MANAGEMENT DISCUSSION AND ANALYSIS FOR 2017 2 2. ECONOMIC SITUATION Thai economy continually expanded supported by every economic engine especially merchandise exports that were uplifted from global trade

% Revenue from Retail Merchandise 3.4 0.5% 10.4 1.7% 208.4% Total Revenue from Sales of Food and Beverages 710.0 100.0% 616.1 100.0% -13.2% In the 1st quarter of 2019 and 2020, revenue from sales of food and

expanded at a slower pace compared to the previous quarter, with merchandise exports contracting as global trade weakened, resulting in a decline in domestic industrial production. Meanwhile, tourism

% and was mainly due to (1) the opening of new branches, (2) increased sales of raw material to franchisees and (3) increased sales of retail merchandise. Franchise fee income increased from THB 13.0 Mn

period last year, which was driven by SSSG of 6.8% in our hardline retailing in Thailand category, and the introduction of new merchandise and the installation of in-store amenities such as air

159.4 5.6% 192.4 6.4% 20.9% Revenue from Food Delivery & Catering 13.5 0.5% 101.6 3.4% 656.3% Revenue from Retail Merchandise 7.2 0.2% 28.3 0.9% 293.1% Total Revenue from Sales of Food and Beverages

was expected to expand at a slower pace compared with the same period last year due to a contraction in merchandise exports and a slowdown in tourism growth resulting from uncertainty about the trade

expanded at a slower pace compared with the same period last year due to a contraction in merchandise exports resulting from uncertainty in the trade policies of major countries and the Baht’s ongoing

merchandise, gourmet food and beverage in the United States . As of 31 December 2018, the Company has company-operated stores and licensed stores as follows. In the future, the Company has a plan to focus on