% Revenue from Retail Merchandise 6.9 0.9% 13.7 4.4% 98.6% Total Revenue from Sales of Food and Beverages 739.4 100.0% 314.0 100.0% -57.5% Revenues 1st Half % Change 2019 2020 THB Mn % (1) THB Mn % (1

examine whether each variable is stationary. The Augmented Dickey-Fuller (ADF) test is used in this study because it is able to test unit roots of the unbalanced panel data. As shown in Table 2, the inverse

profit margin as a percentage of sales has increased from 25.49% in the previous year to 25.90% due to change in product sales mix of general merchandise and the enhancement of directly sourced private

in capital expenditure. However, external demand softened as the value of merchandise exports grew at a slower pace. (Source: BOT Press Release No.3/2020 on the Economic and Monetary Conditions for

profit margin as a percentage of sales has increased from 25.51% in previous year to 26.45% due to change in product sales mix of both general merchandise and directly sourced private-label goods, product

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