MATAHARI DEPARTMENT STORE REPORTS GROSS SALES OF Rp 17.5 TRILLION
- Gross sales recorded at Rp 17.5 trillion, increasing 1.2% over 2016
- Net income of Rp 1.9 trillion, equivalent to 10.9% of sales
- Opened 8 new stores, bringing the total store count to 155
PT Matahari Department Store Tbk (“Matahari” or “the Company”; stock code: “LPPF”) recorded full year 2017 gross sales of Rp 17.5 trillion, increasing 1.2% from Rp 17.3 trillion in 2016. Net revenue increased by 1.3% to Rp 10.0 trillion. Same store sales growth declined 1.2% and net income was Rp 1.9 trillion, equivalent to 10.9% of sales.
Matahari currently operates 155 stores in 73 cities across Indonesia, having opened 8 new stores in 2017, in Tegal (Central Java), Madiun, Jember (both in East Java), Medan (North Sumatera), Cirebon (West Java), Baturaja, Lahat (both in South Sumatera), and a Nevada specialty store in Surabaya (East Java). We anticipate opening 6 to 8 stores in 2018.
Richard Gibson, CEO and Vice President Director of the Company said, “Despite a backdrop of weaker domestic consumption, we were able to increase total sales by 1.2%. With our new merchandise initiatives resonating well with our customers and in anticipation of a stronger macro environment, we are optimistic that our sales will grow at a faster pace in 2018.”