PT Matahari Department Store Tbk : Matahari Reported IDR 3.7 Trn Sales and EBITDA of IDR 519 Bn
April 30, 2024 at 06:37 am
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Matahari Reported IDR 3.7 Trn Sales and EBITDA of IDR 519 Bn
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30 April 2024
Corporate Communications
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Highlights:
· 1Q24 Sales grew by 35.9% to IDR 3.7 Trillion.
· Gross Margin for the quarter was 34.9%, lower than last year of 35.4%, as stock clearance activity in the early part of the quarter lowered margin.
· 1Q24 EBITDA for the year was IDR 519 Billion, and Net Income was IDR 326 Billion.
Matahari ("Company"; stock code: "LPPF") reported IDR 3.7 Trillion of sales, an increase of 35.9% against last year, with 34.3% Same-Store Sales Growth (SSSG), contributed by the early Lebaran season relative to last year. The first two months delivered 0.7% SSSG, while the Lebaran period achieved -2.4% SSSG.
Despite a slight decrease in 1Q24 Gross Margin to 34.9% from 35.4% the previous year due to stock clearance efforts in January an February, the Gross Margin for the Lebaran period itself improved by 0.2% compared to the same period last year. The Company's 1Q24 EBITDA stood at IDR 519 Billion, while the corresponding Net Income was IDR 326 Billion, nearly half of the previous full year's total. Effective purchasing strategies and the timing of the Lebaran season allowed the Company to conclude the quarter with 27% less stock compared to the first quarter of last year, leaving business in a better position from a stock-clearance perspective.
Description (in billion IDR)
1Q 2024
1Q 2023
Variance
Gross Sales
3,731
2,746
35.9%
Net Revenue
1,973
1,443
36.7%
%Gross Margin
34.9%
35.4%
EBITDA
519
234
121.9%
Progress on initiatives include the opening of the new concept store at AEON Deltamas, which was well received. A more selective approach to new store openings has reset the new store opening target to 3 to 4 new stores for 2024. Refurbishment progress remains on track, with closure plans for 8 out of 10 stores for 2024 finalized with landlords. Similarly, digital channels are further developed by continuing to improve customer experience and technology by enabling wider product offering, personalized marketing and rewards, and enhancing UI/UX features.
Matahari's merchandise portfolio continues to evolve, with a recent private label rebranding exercise and store expansion of private label SUKO. Additionally, over 30 new third-party brands have been introduced this year that cater to higher-income segment customers. At the same time, the Company is engaging targeted younger customers through social media initiatives, community building, and personalized marketing efforts.
"Our performance this Lebaran season has been affected by macroeconomic factors like decreased spending among mid- to lower-income segments. We are actively identifying areas where we can enhance our business operations, develop our offerings, and refine our strategic approach. Despite the obstacles, we remain committed to advancing our existing strategic initiatives to better position our business for future opportunities," said Monish Mansukhani, CEO of Matahari.
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PT Matahari Department Store Tbk published this content on
30 April 2024 and is solely responsible for the information contained therein. Distributed by
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30 April 2024 10:34:58 UTC.
PT Matahari Department Store Tbk is an Indonesia-based company, which is engaged in the retail business for several types of products such as clothes, accessories, bags, shoes, cosmetics, and household appliances, and management consulting service. The Companyâs segments include Sumatra; Java; Kalimantan, Sulawesi and Maluku, and Others. It operates approximately 156 stores. The Companyâs brands include Nevada, Details, Little M, connection, Cole and Pipiniko. It offer clothes, such as chaos and polo shirt, blouse shirt, sweater and cardigan, dress, outerwear, long pants, jeans, shorts, underwear and sleepwear, maternity clothes, sports clothing, playsuits and jumpsuits. It offers shoes, such as slippers, sneakers, sport shoes, slip Ons, formal shoes, and boots. It offers products under suitcase, such as backpack, shoulder bags, handbags, suitcases and travel bags, wallet, and sports bag.