Mobile World temporarily closes a number of stores under virus pressure

The closure was conducted following instruction of the Ha Noi and Ho Chi Minh City’s governments, the company said in a statement.  

While shutting down some stores, the company plan to promote online sale by encouraging customers to shop through its e-commerce channel.

In the first 2 months of 2020, the company’s revenue of online channel reached VND1,218 billion ($50.6 million), accounting for 6% of total revenue.

The Bach Hoa Xanh, the grocery chain that provides basic necessities for people will operate normally, company said, adding sale through online channel of Bach Hoa Xanh increased by 30% in February. The amount is more than doubled the averaged monthly orders in 2019.

Mobile World said it has been taking measures to prevent and fight against pandemic as recommended by the Ministry of Health to ensure the health of customers and all employees.

In the first 2 months of 2020, Mobile World achieved VND20,541 billion ($854 million) revenue and VND845 billion ($35 million) after-tax profit, up 16% from a year earlier.

In the stock market, MWG is one of the stocks heavily affected by the sell-off stemming from the biggest public health crisis of modern time.  

Since the beginning of 2020, MWG share has dropped nearly 40% to approximately VND70,000 ($2.91) per share.

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