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20231026_LPPF_Laporan Informasi dan Fakta Material_31482087_lamp1.pdf
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PRESS RELEASE
26 October 2023
Gross Sales Reached IDR 9.6 Trillion; Seasonal Momentum Ahead
Highlights:
Sales for 9M23 reached IDR 9.6 Trillion, or grew by 1.4 %. However, same-store
sales growth (SSSG) was -2.3% driven by the lack of Lebaran stimulation, slowness
in economy thereafter, and subsequent inventory actions.
Gross Margin in 9M23 was 34.9%, vs. 9M22 of 35.7%.
The Company proactively passed on savings to customers to retain loyalty and
accelerate inventory freshness ahead of key seasons to follow.
EBITDA for 9M23 was IDR 1.1 Trillion vs IDR 1.5 Trillion last year. Net Profit was IDR
631 Billion.
Matahari ("Company"; stock code: "LPPF") managed to book Sales in the first nine
months of 2023 of IDR 9.6 Trillion, reflecting a 1.4% growth rate. Yet, the SSSG was -2.3%
driven by the lack of Lebaran stimulation and slowness in the economy subsequently.
EBITDA for the period was IDR 1.1 Trillion, a decrease from last year's IDR 1.5 Trillion.
Variance
Description 9M 2023
of 9M 2022
Gross Sales 9,615 1.4%
Net Revenue 4,980 0.3%
EBITDA 1,136 -26,4%
Initiatives to drive merchandising full potential are progressing well. Suko is making
good progress in footprint expansion through the upcoming shop-in-shop rollout in the
next 14 stores, leading to a total of 34 by the end of the year.
A new private label, Anyday, launches in October 2023. It is designed to counteract
the impact of inflation for consumers. To improve merchandise productivity, there will
be a greater focus on maximizing inventory sell-through at full price and efforts to
speed up the reduction of aged inventory were undertaken within the quarter
impacting gross margins.
Initiatives of optimizing the store network are progressing well albeit the Company has
a small number of stores with marginal profitability to be addressed under a newly
formed watchlist. The focus of expansion in 2024 will be on high-quality stores rather
than volume of stores opening. As part of the plan, six stores are expected to open in
2024 of which four will be latest Matahari concepts and two will be MU&KU.
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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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The newly introduced MU&KU concept, catering to the upper middle segment, has
been unveiled to target developers recently, the launch of which is expected in the
first half of 2024. The Company also intends to advance store rebranding efforts and
allocate capital expenditure towards higher potential stores.
In the near future, the Company is optimistic that the key seasons ahead from
Christmas 2023 to Lebaran 2024 are well prepared benefitting from fresher inventories,
the flow of merchandising initiatives and new brands, as well as greater investments
in key store renewal and marketing.
"The challenges in the low-to-middle market segments are expected to remain in the
short term but gradually improve with inflation subsiding, liquidity in the economy
started to rise, and the Company is preparing for this with fresher, new and more
competitively bought ranges coupled with a focus on a stronger brand portfolio
across all segments," said Terry O’Connor, CEO of Matahari.
###
About Matahari
Matahari is the largest retail platform in Indonesia, with 156 stores in 81 cities across
Indonesia as well as presence online on matahari.com, social commerce platform "Shop
& Talk", and third-party marketplaces. For over 60 years, Matahari has provided the
growing Indonesian middle class with quality, fashionable and affordable apparel,
beauty and footwear products. Matahari employs around 30,000 employees (including
consignment SPGs) and partners with around 600 local as well as international suppliers.
The Company has received many industry recognitions – nationally and internationally –
including the awards for the Best Overall Category and Top 50 Mid-Cap Public Listed
Companies In Indonesia at the 14th IICD Corporate Governance Conference & Award
2023, the Best Women Empowerment Company 2023 with Outstanding Commitment in
Creating Respective Workplace from HerStory, TrenAsia’s ESG Awards 2023, Fashion Retail
of The Year 2023 by HIPPINDO, Top 100 Most Valuable Brand by Brand Finance, Most
Improved Investor Relations and Top 5 Best Senior Management IR Support in 2022 from
Alpha Southeast Asia, Top 10 CSR Donor from IDX, Top Digital Company & Best Excellent
Service Experience Index Award 2022 from Marketing Magazine, Top 50 Most Valuable
Brand Awards 2021 from Brand Finance Indonesia, Top 500 Retail Asia Pacific from Retail
Asia, Euromonitor & KPMG; Brand Asia 2018 – Top 3 Most Powerful Retail Brands in
Indonesia from Nikkei BP Consulting, Inc. and WoW Brand Award 2019 – Gold Champion
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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from MarkPlus Inc. The Company also received the Netizen's Brand Choice Award 2018
from Warta Ekonomi. All of these awards reaffirm the Company's position as one of the
leading, most dynamic, and trusted companies in Indonesia.
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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