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20240226_LPPF_Laporan Informasi dan Fakta Material_31580792_lamp3.pdf
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PRESS RELEASE
26 February 2024
Matahari Concludes 2023 with 1.1% Sales Growth
Highlights:
Sales for FY23 grew by 1.1% to IDR 12.6 trillion, with store network expansion.
FY23 Gross Margin stood at IDR 4.3 trillion, despite inflationary pressure in 2023.
EBITDA for the year was IDR 1.4 trillion, with the elimination of rental subsidies.
IDR 200/share dividend proposed by Management, subject to statutory approval.
Matahari ("Company"; stock code: "LPPF") concluded 2023 with eight new stores and
one reopening, generating gross sales of IDR 12.6 trillion, reflecting 1.1% overall growth.
The sales performance was partially affected by the unexpected delay in THR and
early Mudik. Despite inflationary pressure, Gross Margin stood at IDR 4.3 trillion. With
the reduction of rental subsidies, EBITDA for the year was IDR 1.4 trillion.
Description (in billion IDR) FY 2023
Gross Sales 12,552
Net Revenue 4,980
%Gross Margin 34.2%
EBITDA 1,411
As it refines its strategy, the Company is ensuring it targets the relevant middle-income
customers. This repositioning will manifest in changes to store locations, merchandise,
and the overall customer experience.
Matahari is improving its Direct Purchase product offerings through reinvigorated
private labels and the launch of the SUKO brand. The Company also aims to
strengthen high-quality consignment vendor partnerships and onboard new, well-
known consignment product brands. Faster sell-through of merchandise is underway
for improved freshness via increased promotions and dynamic trading.
Matahari will move forward with a specific focus on rejuvenating high-impact stores
and plans to open four to six new stores in 2024. In its omnichannel journey, the
Company aims to further enable fulfilment from stores and build visibility to
consignment vendors’ inventory. Matahari will expand fulfilment from stores from 56
to 96 stores.
The number of active Matahari Rewards members reached 8.6 million at the end of
2023. These active members contributed 79% of sales, compared to 66% the previous
year. This increase was coupled with higher customer satisfaction, with an NPS of 73 in
2023, compared to 63 in 2022.
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Menara Matahari 12th Floor T 62 21 547 5228
Jl. Boulevard Palem Raya No. 7 E corp.comm@matahari.com
Karawaci, Tangerang 15811, Indonesia www.matahari.com
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Considering the initiatives for the turnaround strategy, Matahari aims to balance
capital allocation for further growth while maximizing shareholders' value. The
Company intends to increase its capital expenditure in 2024, and is proposing a
dividend of IDR 200 per share, subject to statutory approval.
"Despite some challenges from a weaker Lebaran due to the unexpected delay in
THR and early Mudik, we made progress in a number of our strategic initiatives. Our
team is better prepared this Lebaran with fresher and more appealing assortment,
improved pricing and dynamic trading. We intend to end the year with a more robust
store portfolio, and an enhanced omnichannel offering," said Monish Mansukhani,
CEO of Matahari.
###
About Matahari
Matahari is the largest retail platform in Indonesia, with 154 outlets across 82 cities
nationwide. Additionally, it operates online through matahari.com, the social commerce
platform "Shop & Talk," and third-party marketplaces. With a history spanning over 60
years, Matahari has been a key provider of quality, fashionable, and affordable clothing,
beauty products, and shoes for the growing middle class in Indonesia. The company
employs over 30,000 staff, including consignment product sales representatives, and
collaborates with approximately 600 local and international suppliers.
The company has garnered several accolades on both national and international levels,
such as the TrenAsia’s ESG Awards 2023, Fashion Retail of The Year 2023 by HIPPINDO, Top
50 Mid Capitalization Public Listed Company 2023 by IICD, Top 100 Most Valuable Brand
by Brand Finance, Most Improved Investor Relations, and Top 5 Best Senior Management
IR Support in 2022 by Alpha Southeast Asia. Other recognitions include being named Top
10 CSR Donor by the Indonesia Stock Exchange, Best Non-Financial Sector, and Top 10
Mid-Cap Issuers at the ASEAN Corporate Governance Awards 2022, Top Digital Company
& Best Excellent Service Experience Index Award 2022 by Majalah Marketing, Top 50 Most
Valuable Brand Awards 2021 by Brand Finance Indonesia, and Top 500 Retail Asia Pacific
by Retail Asia, Euromonitor & KPMG. Matahari was also recognized as one of the Top 3
Most Powerful Retail Brands in Indonesia in the Brand Asia 2018 awards by Nikkei BP
Consulting, Inc., and received the WoW Brand Award 2019 – Gold Champion from
MarkPlus Inc. Additionally, the company earned the Stellar Workplace Award 2023 for
Employee Commitment and Employee Satisfaction, and the Indonesia Netizen’s Brand
Choice Award 2018 from Warta Ekonomi. These awards collectively contribute to and
reinforce Matahari's reputation as a leading, dynamic, and trustworthy company in
Indonesia.
Menara Matahari 12th Floor, T 62 21 547 5228
Jl. Boulevard Palem Raya No. 7 E corp.comm@matahari.com
Karawaci, Tangerang 15811, Indonesia www.matahari.com
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For further information, please contact:
Corporate Communications / Investor Relations
Matahari
Tel: (62 21) 547 5228
E-mail: corp.comm@matahari.com, ir@matahari.com
____________________________________________________________________________________________________
This press release has been prepared by Matahari ("LPPF") and is circulated for the purpose of general information
only. It is not intended for any specific person or purpose and does not constitute a recommendation regarding the
securities of LPPF. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All
opinions and estimations included in this release constitute our judgment as of this date and are subject to change
without prior notice. LPPF disclaims any responsibility or liability whatsoever arising which may be brought against or
suffered by any person as a result of reliance upon the whole or any part of the contents of this press release and
neither LPPF nor any of its affiliated companies and their respective employees and agents accepts liability for any
errors, omissions, negligent or otherwise, in this press release and any inaccuracy herein or omission here from which
might otherwise arise.
Forward-Looking Statements
Certain statements in this release are or may be forward- looking statements. These statements typically contain words
such as "will", "expects" and "anticipates" and words of similar import. By their nature, forward looking statements
involve a number of risks and uncertainties that could cause actual events or results to differ materially from those
described in this release. Factors that could cause actual results to differ include, but are not limited to, economic,
social, health and political conditions in Indonesia; the state of the retail industry in Indonesia; prevailing market and
operating conditions, raw material prices and Import restrictions; competition from other companies; shifts in customer
demands; changes in operation expenses, including employee wages, benefits and training, governmental and
public policy changes; our ability to be and remain competitive; our financial condition, business strategy as well as
the plans and objectives of our management for future operations;. Should one or more of these uncertainties or risks,
among others, materialize, actual results may vary materially from those estimated, anticipated or projected.
Although we believe that the expectations of our management as reflected by such forward-looking statements are
reasonable based on information currently available to us, no assurances can be given that such expectations will
prove to have been correct. You should not unduly rely on such statements. In any event, these statements speak
only as of the date hereof, and we undertake no obligation to update or revise any of them, whether as a result of
new information, future events or otherwise.
Menara Matahari 12th Floor, T 62 21 547 5228
Jl. Boulevard Palem Raya No. 7 E corp.comm@matahari.com
Karawaci, Tangerang 15811, Indonesia www.matahari.com
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