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As of the end of Q1 2026, Dien May Xanh (DMX) recorded 3,020 points of sale across its physical store network, down 24 stores from the same period last year. Despite the narrower scale, revenue rose 33% to VND 32,416 billion, and the company completed 26% of its annual revenue target of VND 122,500 billion. The growth was driven by a 34% increase in revenue per existing store, reflecting the effectiveness of DMX’s first strategic pillar to shift from “volume” to “quality” in pursuit of VND 13,000 billion in profit.
Beginning in 2015, DMX pursued rapid expansion with the goal of capturing market share while the home electronics retail market was still early-stage and had room to grow. During this period, the company opened an average of up to 400 stores per year, building growth around physical network expansion.
Expanding coverage helped the total number of outlets increase 5.5-fold, creating an absolute scale advantage. The financial results during this phase supported the approach: profits were generated from new store openings, revenue across the chain grew 4.1 times, and net income increased 6.6 times. Beyond the figures, DMX said this stage helped form its retail “DNA” and generated customer data that became the foundation for later optimization.
After DMX captured more than half of the market share, management focused on improving operating costs, including store space costs and labor. The company restructured the system by stepping back from store-count expansion: during the cleansing phase, DMX closed more than 400 stores with low profitability and concentrated resources on higher-potential outlets.
Even with a smaller scale, revenue grew 1.3 times and after-tax profit increased 3.4 times. DMX attributed the improvement to cost reduction from removing “excess” stores, margin protection, and a stronger platform for a more scalable growth era.
To implement its “quality” strategy, DMX applied a management transformation supported by technology across the entire system. Service touchpoints are managed centrally through core platforms, including ERP, CRM, and a Super App, aimed at optimizing costs at each store.
On the human resources side, DMX introduced a commission-based pay mechanism tied to actual performance. The company said this strengthened ownership by turning employees into “store owners” in their local areas, enabling teams to optimize revenue and serve customers more proactively without heavy oversight from middle management.
For product strategy, DMX established TopZone as a strategic channel to deepen partnerships with Apple. Through this channel, DMX prioritizes exclusive categories designed to maximize margins.
Q1 2026 data highlighted the strategy’s impact: revenue from Apple products increased 65%, contributing to a system-wide breakout. DMX also linked the results to the synergy between a premium customer experience and a professional logistics network, which it said helped drive a record same-store sales growth (SSSG) of 34%.
DMX said its recent momentum reflects its operating philosophy of not sacrificing profitability to pursue growth. The company stated that expansion driven by store counts has shifted toward growth through “quality,” with operating efficiency and customer lifetime value as core metrics.
DMX also pointed to remaining market headroom, noting that the electronics retail market is projected to reach USD 15 billion by 2030, supported by AI-enabled device replacement cycles, 5G, and smart-home trends. Rather than focusing on opening new physical stores, DMX said it is optimizing performance at existing outlets to target double-digit profit growth of 16% CAGR, ahead of revenue growth of 11%.
DMX said each store is being refined to become a more sustainable unit that generates cash flow from inherent value rather than expanding floor space.
DMX described an integrated ecosystem as a new driver of profitability. To address concerns about retail saturation, the company said it is redefining the traditional retail model into an integrated Retail – Service – Finance ecosystem. It expects the Consumer Finance segment to contribute 15% to total system profits.
In addition, DMX’s Worker ecosystem, with over 8,000 professionals, is expanding to serve B2B clients and is projected to contribute 5% of total profits. The Super App, which DMX said has 18 million identified customers, is expected to contribute up to 30% of DMX’s revenue by 2030, supporting gross margin toward 18.4%.
DMX said its standalone IPO is intended not only to optimize capital structure but also to unlock value, clarify the role and position of the “diamond” DMX, and deliver sustainable investor benefits through a cash dividend payout of at least 50% of profits.
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