Moshi Moshi Lifts First-Half Profit 21.5% as Thai Network Expands
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Thai lifestyle retailer Moshi Moshi increased its first-half net profit by 21.5 per cent to 352.83 million baht, driven by new store openings and stronger gross margins.
Operating revenue rose 17.3 per cent year on year to 1,654 million baht across the six months, keeping pace with management’s annual growth target of 15 to 20 per cent.
During the second quarter, operating revenue climbed 17.2 per cent to 956.1 million baht, while net profit gained 20 per cent to 161.86 million baht. Gross margin widened 140 basis points to 56.4 per cent. Same-store sales grew 4.0 per cent in the quarter, building on a 15.2 per cent jump in the prior-year period.
The company operated 218 stores at the end of June, an increase of 37 outlets over 12 months. Most of Thailand’s 76 provinces and Greater Bangkok now host at least one location. Management plans 35 net new store openings for the full 2026 financial year, having completed roughly half that target by mid-year.
Inventory Velocity and Mall Pipeline
Product turnover drives customer traffic across the chain’s 13 merchandise categories, which span stationery, beauty, plush toys, apparel and home accessories. Moshi Moshi manages an inventory catalogue of more than 25,000 stock-keeping units and releases approximately 1,000 new items every month at accessible price points.
“Management plans 35 net new store openings for the full 2026 financial year, having completed roughly half that target by mid-year.”
Physical malls remain the core sales channel. Key landlords Central Pattana, Central Retail’s Robinson lifestyle malls, Berli Jucker’s Big C, and CP Axtra’s Lotus’s offer about 500 commercial sites nationwide. The company is also opening stand-alone outlets near some of Thailand’s 150 universities, including a campus branch at Chulalongkorn University in Bangkok.
Wholesale revenue, which represents 11 per cent of total turnover, expanded at a slower rate during the half. Disruption from bridge construction near Bangkok’s Platinum Fashion Mall cut pedestrian traffic and limited tour bus access to the company’s wholesale unit. Digital channels accounted for just 3 per cent of total sales across Shopee, Lazada and TikTok.
Regional Competition and Overseas Targets
Domestic mall coverage will eventually hit saturation as Moshi Moshi fills out second-tier provincial cities and campus locations. Maintaining double-digit annual sales growth beyond Thailand requires entering neighbouring Southeast Asian markets with matching demographics.
Competitors are already securing positions across the region. Singapore-based lifestyle brand Oh!some operates stores in Cambodia across three Aeon malls in Phnom Penh, runs outlets in Hanoi and Ho Chi Minh City, and trades from three stores inside Bangkok. For Moshi Moshi, replicating its format in Vietnam, Indonesia and Cambodia represents the logical next leg of expansion once Thai site availability narrows.
The company continues store renovations and floor-space expansions across its domestic mall network while tracking toward its target of 35 net new store additions by December 2026.
Questions & Answers
Q.What specifically drove the increase in Moshi Moshi's first-half net profit?
What specifically drove the increase in Moshi Moshi's first-half net profit?
The retailer's first-half net profit increased due to new store openings and stronger gross margins. Operating revenue also rose by 17.3 per cent during the six months, contributing to this growth.
Q.How many new stores does Moshi Moshi plan to open for the full financial year, and how far along are they with this target?
How many new stores does Moshi Moshi plan to open for the full financial year, and how far along are they with this target?
Moshi Moshi plans for 35 net new store openings for the full 2026 financial year. By mid-year, the company had completed roughly half of this target.
Q.Which specific competitors are mentioned as already operating in Southeast Asian markets where Moshi Moshi might expand?
Which specific competitors are mentioned as already operating in Southeast Asian markets where Moshi Moshi might expand?
Singapore-based lifestyle brand Oh!some is mentioned as a competitor. It operates stores in Cambodia, Vietnam (Hanoi and Ho Chi Minh City), and also has three stores in Bangkok.
Q.Why did wholesale revenue expand at a slower rate during the first half of the year?
Why did wholesale revenue expand at a slower rate during the first half of the year?
Wholesale revenue growth was disrupted by bridge construction near Bangkok’s Platinum Fashion Mall. This construction cut pedestrian traffic and limited tour bus access to the company’s wholesale unit.
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