Highlights :

  •  Q1 2021 gross sales was Rp 2,076 Billion, 23.6% below 2020 and 37.4% below 2019.
  •  Net revenue came in at Rp 1,162 Billion, 25.0% below 2020, and 39.7% below 2019.
  •  Net loss of Rp (95) Billion, similar to last year, vs net profit of Rp 143 Billion in Q1 2019


PT Matahari Department Store Tbk (“Matahari” or “the Company”; stock code: “LPPF”) reported gross sales of Rp 2.1 Trillion for the period ending 31 March 2021, 23.6% and 37.4% below the same period in 2020 and 2019, respectively. Net revenue at Rp 1.2 Trillion was 25.0% below 2020 and 39.7% below 2019.




Q1 2021

% of Q1 2020

% of Q1 2019

Gross Sales




Net Revenue




Net Loss




Business in Q1 2021 was impacted by hard PSBB which was implemented until 8 February followed by Micro PPKM which is still on-going. The Company has started its seasonal
campaign earlier to manage crowd safety and try to counter the uncertain environment particularly given the Mudik restriction.

The Company is closely monitoring its 23 watch list stores, and plans to close 13 stores this year. The balance of 10 watch list stores continue to be under review for the future. We are opening one new store in Balikpapan (East Kalimantan) in April 2021.

Niraj Jain, Chief Financial Officer of Matahari said, “We continue to trade in a tough macro environment. We are keeping a tight control on our operating cost as well as capital expenditure. We continue to receive support from our landlords as well as suppliers. We have renewed our Rp 1 Trillion bank facility and ended Q1 with Rp 480 Billion of outstanding bank loan. The Company continues to take a conservative stance given the continued highly uncertain environment.”