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7 Maret 2025 Paparan Publik (Public Expose) PT Matahari Department Store Tbk LPPF
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Agenda
No Topic Page
1 Ringkasan Eksekutif 3
2 Tantangan Makroekonomi 4–6
3 Kinerja Keuangan 7 – 11
4 Informasi Operasi dan Strategi Terkini 12 – 19
5 Penutup 20 – 21
2
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Ringkasan Eksekutif
Hasil di 2024: EBITDA tetap terjaga meski kondisi ekonomi makro sedang lesu
Penjualan 2024: Rp 12,3 triliun (-2,0% vs. 2023;
• Makroekonomi: Pasar menantang berlanjut di 4Q24, dengan melambatnya pengeluaran konsumen.
-1,7% SSSG vs. 2023), dengan belanja konsumen
melambat. Hasil konsisten dengan kinerja • Merchandising: Penjualan pakaian stagnan (0% SSSG); non-pakaian menyeret kinerja (-6% SSSG).
Lebaran (-2,4% SSSG) dan Q4 (2,0% SSSG). Ruang dan jangkauan vendor konsinyasi pareto diperluas. Merek eksklusif dikembangkan untuk
menarik minat pembeli yang lebih muda dan modern. SUKO diperluas ke 79 gerai. ZES diluncurkan
Margin Kotor: 34,6% (vs. 2023: 34,2%) didorong pada 4Q24, menargetkan konsumen yang sadar mode.
oleh kesegaran yang lebih baik. Bauran DP tetap • Optimalisasi Gerai: Pemangkasan 13 gerai berkinerja rendah menjadi total 142 gerai sehat,
sama. mendorong naiknya EBITDA Rp 13 miliar.
• Omni-channel: Ragam produk di saluran digital meningkat dengan masuknya merek CV (41% total
EBITDA: Rp 1.398 miliar (vs. 2023: Rp 1.411 miliar), penjualan CV). Jangkauan di marketplace terus diperluas.
turun 0,9% vs. periode yang sama tahun lalu
meskipun OPEX turun 1,0%.
Fokus ke Depan di 2025: Investasi bertahap yang hati-hati sesuai titik pencapaian
Laba Bersih: Rp 828 miliar (vs. 2023: Rp 675 miliar), • Pengembangan Koleksi merchandise : Memperkuat merek eksklusif dan mengeksplorasi kategori baru,
22,5% lebih tinggi dari 2023, terutama karena seperti perlengkapan rumah tangga. Pengembangan produk yang dirancang untuk konsumen yang
penurunan beban bunga dan depresiasi. sensitif terhadap harga, dengan fokus pada harga yang tepat dan promosi yang efektif.
Persediaan: Rp 0,7 triliun (vs. FY23: Rp 0,8 triliun), • Peluncuran Gerai Format Khusus: Pembukaan gerai mandiri untuk Suko dan Zes.
dari perputaran lebih cepat (2,1 2,6x). Juga, • Renovasi Gerai: Memperbaiki gerai-gerai kategori A bernilai strategis untuk meningkatkan daya tarik.
persediaan lebih segar (kontribusi 0-6 bulan naik • Optimalisasi Portoflio Gerai: Mengonsolidasikan jaringan gerai, penyesuaian ukuran gerai yang
dari 63% menjadi 80%). diperlukan, dan pembukaan lokasi baru untuk meningkatkan produktivitas dan profitabilitas penjualan
secara keseluruhan.
Kas Bersih: Rp 399 miliar (vs. 2023: Utang Bersih
• Peningkatan Keekonomian: Fokus pada efisiensi sewa, tenaga kerja, dan produk (dengan
Rp42 Miliar), fasilitas tersedia Rp1,7 Triliun.
pengurangan biaya produk, rasionalisasi merek, peningkatan bauran merek eksklusif, dan optimasi
alokasi ruang).
Ekuitas: Rp326 miliar (vs. 2023: Rp31 miliar),
Komitmen pembayaran dividen tetap 50%. • Peningkatan Teknologi: Meningkatkan aplikasi inti teknologi informasi yang diperlukan, memperkuat
keamanan siber, dan berinvestasi pada teknologi demi kemampuan omnichannel yang lebih baik.
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142 Gerai
79 Kota
600+ pemasok
93% lokal
8.095
karyawan
Tantangan
Makroekonomi
4
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Tantangan Makroekonomi
Rumah tangga tampak tidak lagi memiliki simpanan bersih
Perubahan Deposito, Pinjaman, dan Saldo Bank Bersih
Perubahan YoY dalam triliun Rp
400
300
200
100
+84.6
0
-14.0
-100 +98.7
— Saldo Bank Bersih (SBB), Perubahan YoY:
Perubahan Deposito
Perubahan Pinjaman
-200
-300
Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Okt-24
Sumber: BI, OJK, Riset Ekonomi BCA
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Tantangan Makroekonomi
Tantangan pascapandemi masih ada, tercermin di berbagai sektor
Penjualan Ritel Pakaian dan Alas Kaki Penjualan Mobil Penjualan Restoran Pelayanan Penuh
Dalam triliun Rp ‘000 unit Dalam triliun Rp
200 1,200 600
100 600 300
0 - 0
2019 2020 2021 2022 2023 2024* 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024*
Offline Sales Digital Sales
Sumber: Euromonitor International Sumber: Gaikindo, Astra International Sumber: Euromonitor International
*Proyeksi
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142 Gerai
79 Kota
600+ pemasok
93% lokal
8.095
karyawan
Kinerja Keuangan
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Ikhtisar Keuangan
Profitabilitas didorong naiknya margin kotor (40 basis poin) dan biaya keuangan lebih rendah
Triwulan Keempat Tahun
Dalam Miliar Rp
2024 2023 Var% 2024 2023 Var%
Penjualan Kotor 2.828 2.937 -3,7% 12.307 12.552 -2,0%
SSSG % -2,0% -2,9% -1,7% -2,4%
Laba Kotor 974 939 3,7% 4.253 4.295 -1,0%
Margin Kotor % 34,4% 32,0% 34,6% 34,2%
OPEX (657) (663) -1,0% (2.855) (2.884) -1,0%
EBITDA 317 275 15,0% 1.398 1.411 -0,9%
Margin EBITDA % 11,2% 9,4% 11,4% 11,2%
Laba Bersih (Rugi) 205 45 358,1% 828 675 22,5%
Margin Laba Bersih % 7,3% 1,5% 6,7% 5,4%
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Ikhtisar Keuangan
Kas Bersih sebesar Rp 399 Miliar dengan fasilitas pinjaman tersedia sebesar Rp 1,7 Triliun
ASET LIABILITAS DAN EKUITAS
Dalam Miliar Rp Des-24 Des-23 Dalam Miliar Rp Des-24 Des-23
Kas dan Bank 399 508 Pinjaman Bank - 550
Piutang Usaha 40 60 Utang Usaha CV 469 770
Persediaan 728 793 Utang Usaha DP 567 457
Aset Hak Guna 2.177 2.509 Kewajiban Sewa 2.843 3.051
Aset Lainnya 1.193 1.306 Liabilitas Lainnya 935 1.022
Aset Tetap 604 705 Ekuitas 326 31
Jumlah Aset 5.141 5.880 Jumlah Liabilitas & Ekuitas 5.141 5.880
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Kinerja Penjualan
Kinerja relatif lebih baik untuk toko inti, terutama di luar Jabodetabek
Kinerja Gerai (SSSG) FY 2024 Kinerja Gerai Berdasarkan Geografi (SSSG) FY 2024 Penjualan
Kotor
berdasarkan
Region (%)
Luar Jabodetabek 21,9%
Jawa
Jawa ex Jakarta 34,5%
-0,2%
Luar Jawa 43,6%
Total Penjualan 100,0%
Gerai reguler Gerai Watchlist
-1,3% -1,7% -5,5%
Jabode- Jawa
tabek luar Jakarta
-6,3% -0,6%
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Alokasi Modal
Mengusulkan dividen dan pembelian kembali saham sambil mempertahankan cadangan
yang cukup untuk pertumbuhan bisnis
Rencana Capex Dividen*
Pembukaan gerai baru Usulan 81,7% Rasio Pembayaran Dividen
Renovasi gerai IDR 300 / saham atau IDR 677 Milyar
Teknologi dan pemeliharaan
Eksplorasi konsep baru
Akuisisi Pembelian Kembali Saham Strategis*
Tidak ada rencana investasi Usulan alokasi dana IDR 150 Milyar
*sesuai persetujuan RUPS-T
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FOKUS UTAMA
Potensi Penuh Loyalitas & Optimasi Ekspansi
Merchandising Pengembangan Jaringan Gerai Omnichannel
Merek
Keunggulan Optimasi Beban Lingkungan,
Operasional Operasional Sosial, dan
Tata Kelola
Informasi Strategi Terkini
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Perkembangan 2024
Terus menunjukkan kemajuan dalam inisiatif strategis
Potensi Penuh Loyalitas & Optimasi Ekspansi
Merchandising Pengembangan Merek Jaringan Gerai Omnichannel
Merek eksklusif utama di-rebrand Peningkatan kesadaran terus Rasionalisasi ruang gerai selesai Bergabungnya 68 merek CV,
dengan arsitektur produk dan harga berlanjut dengan 58% dengan 13 gerai ditutup, (41% penjualan offline CV)
yang lebih baik pertumbuhan viewers di media pengurangan luas gerai
sosial tertentu Kehadiran tambahan di TikTok
Titik penjualan SUKO di 79 lokasi Shop menolong pertumbuhan
Keterlibatan lebih tinggi dicapai Pembukaan gerai utama untuk penjualan marketplace
ZES merek eksklusif baru, hadir di 56 melalui aktivasi komunitas, perjalanan pelanggan yang
toko pada akhir tahun termasuk influencers dan key diperbarui dan terkurasi Teknologi back-end diperbarui,
opinion leaders ternama dengan Sistem Manajemen
Persediaan terkelola baik dengan Tinjauan portofolio gerai untuk Gudang dan Pesanan baru
stok >6 bulan berkurang 56% Naiknya kontribusi penjualan memastikan biaya okupansi untuk merampingkan operasi
8,2 juta anggota aktif program yang optimal dan operasi yang
Merek CV utama tumbuh 6% berkat loyalitas aktif mencapai 80% ramping Peningkatan keekonomian
gerai bertambah, area display lebih dari penjualan melalui margin yang lebih baik,
luas pengenaan biaya platform,
serta optimalisasi tenaga kerja
dan OPEX
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Prioritas 2025
Potensi Penuh Optimasi Ekspansi Peningkatan Analitik Peningkatan
Merchandising Jaringan Gerai Omnichannel dan Teknologi Keekonomian
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Potensi Penuh Merchandising
Terus berfokus pada merek eksklusif sambil menjelajahi kategori dan merek baru
Membarui & Menumbuhkan Mengenalkan Kategori &
Merek Eksklusif Merek Baru
Merombak Merek Eksklusif (Nevada, Cole, Connexion, Memperluas kategori baru, seperti perlengkapan rumah
St Yves, Annisa, Little M)
Mengembangkan merek baru untuk mengisi
Memperluas merek yang sedang berkembang kesenjangan arsitektur merchandising
(Suko & ZES)
Menambah ragam produk dalam hal desain, warna,
Harga dan promosi yang ditargetkan, melalui harga harga, dan ukuran
berbasis nilai dan promosi strategis
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Optimasi Jaringan Gerai
Meningkatkan gerai yang ada dan mengembangkan format khusus
Meningkatkan Gerai Matahari Utama Pengembangan Gerai Mandiri Merk dan Konsep Baru
Pembukaan selektif gerai, Renovasi, menargetkan 13 gerai Meluncurkan gerai khusus Konsep gerai baru lainnya
perjalanan pelanggan untuk memiliki pengalaman untuk merek eksklusif baru sedang dikembangkan untuk
ditingkatkan, ambang belanja lebih baik dan target untuk memperluas kehadiran melayani segmen konsumen
profitabilitas lebih tinggi produktivitas yang lebih tinggi di luar gerai-gerai Matahari yang berbeda
dan mal yang sudah ada
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Ekspansi Omnichannel
Memperluas saluran dan koleksi; meningkatkan keterlibatan
Keterlibatan dan Konversi
yang Lebih Baik
• Mengintegrasikan platform
Shop & Talk dan pemasaran
Ekspansi Koleksi digital untuk meningkatkan
pengalaman pelanggan,
meningkatkan penetrasi, dan
• Mereplikasi model
Ekspansi Saluran pemenuhan dari gerai
mendorong traffic
untuk koleksi CV offline • Memperkuat saluran
• Meluncurkan Shop-in-Shop untuk Matahari.com dan marketplace yand ada dengan
dengan KOL mikro/nano & berbagai platform konten video dan live-
afiliasi untuk mendorong marketplace lainnya streaming yang ditingkatkan
penjualan di komunitas • Mengevaluasi perluasan • Peningkatan konversi offline ke
• Meluncurkan toko resmi kategori produk untuk online dengan mengaktifkan
merek eksklusif untuk mendorong peningkatan aplikasi untuk mendukung
memonetisasi ekuitas merek penjualan online fungsi offline
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Peningkatan Analitik dan Teknologi
Berinvestasi dalam memodernisasi infrastruktur sambil mengeksplorasi teknologi baru
Meningkatkan Aplikasi Inti Merchandising dan
Keuangan: Memodernisasi aplikasi yang ada untuk
memungkinkan kemampuan pelaporan yang lebih
maju, memanfaatkan alat analitik data mutakhir
untuk wawasan yang lebih mendalam.
Memperkuat Keamanan Siber: Memperkuat langkah-
langkah keamanan digital untuk menjaga integritas
data dan melindungi dari ancaman yang muncul.
Menjelajahi Teknologi Pengambilan Data yang
Inovatif: Menguji coba teknologi baru untuk
meningkatkan pengumpulan data, memungkinkan
wawasan yang lebih kaya dan pengambilan
keputusan yang lebih akurat.
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Peningkatan Keekonomian
Tetap fokus pada keuntungan melalui optimalisasi biaya dan peningkatan produktivitas
Optimalisasi Persediaan dan Peningkatan
Biaya Produk Produktivitas Gerai
Memilih desain produk dan bahan yang hemat biaya Meningkatkan perjanjian sewa
Mengonsolidasikan pengeluaran demi efisiensi lebih Memaksimalkan alokasi ruang dan efisiensi tata letak gerai
Menyederhanakan proses pengadaan dan pemesanan Mengoptimalkan biaya tenaga kerja di dalam gerai
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142 Gerai
79 Kota
600+ pemasok
93% lokal
8.095
karyawan
Penutup
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Penutup
Meski belanja konsumen melambat, kami tetap fokus pada peningkatan profitabilitas
Penjualan sebesar Rp 12,3 Triliun (-2,0% YoY) di 2024 menyoroti melambatnya belanja konsumen
EBITDA Rp 1.4 Triliun (-0,9% YoY) dan Laba Bersih Rp 828 Miliar (+22,5% YoY) mencerminkan fokus kami pada profitabilitas.
Merchandising: Kinerja diseret oleh non-pakaian (-6% SSSG). Fokus pakaian pada merek eksklusif meningkat tahun lalu dengan perluasan Suko dan
peluncuran Zes pada Q4. Penguatan lebih lanjut merek eksklusif direncanakan di 2025 dengan perluasan dalam kategori seperti perlengkapan rumah
tangga. Penetapan harga dan promosi yang lebih ketat akan diuji sebagai respons terhadap lingkungan ekonomi makro yang lesu.
Optimalisasi gerai: Memperkuat portofolio dengan menutup 13 gerai di 2024. Terus memantau gerai untuk rasionalisasi dan perampingan, sementara
berinvestasi pada pertumbuhan dengan merenovasi hingga 13 gerai dengan kategori A bernilai strategis, serta membuka gerai baru, terutama gerai
format khusus untuk Suko dan Zes yang baru.
Digital: Pada tahun 2024, jangkauan saluran diperluas dan ragam produk di Matahari.com ditingkatkan melalui peningkatan partisipasi CV.
Berencana untuk lebih meningkatkan ragam CV dan meningkatkan keterlibatan sekaligus meningkatkan profitabilitas.
Peningkatan keekonomian: Terus fokus pada penghematan biaya dari sewa, optimalisasi jumlah karyawan, dan pemasaran.
IT: Berencana untuk meningkatkan sistem inti yang diperlukan, memperkuat keamanan siber, dan melakukan pengadaan teknologi guna
meningkatkan omni-channel mempertimbangkan rendahnya investasi di masa lalu.
Aksi Korporasi: Usulan dividen Rp 300/saham dan pembelian kembali saham sebesar Rp 150 Miliar (sesuai persetujuan pemegang saham)
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Contact us
PT Matahari Department Store Tbk
Menara Matahari 12th Floor,
Jl Boulevard Palem Raya No.7
Karawaci, Tangerang 15811, Indonesia
Phone: +6221 547 5228 | +62811 9610 1111
Email: ir@matahari.com
www.matahari.com
DISCLAIMER: This presentation has been prepared by PT Matahari Department Store Tbk (“LPPF” or “Company”) for
informational purposes. Neither this presentation nor any of its content may be reproduced, disclosed or used
without the prior written consent of the Company.
This presentation may contain forward looking statements which represent the Company’s present views on the
probable future events and financial plans. These views are based on current assumptions, are exposed to various
risks, and are subject to considerable changes at any time. The Company warrants no assurance that such outlook
will, in part or as a whole, eventually be materialized. Actual results may differ materially from those projected.
The information is current only as of its date and shall not, under any circumstances, create any implication that the
information contained therein is correct as of any time subsequent to the date thereof or that there has been no
change in the financial condition or affairs of LPPF since such date. This presentation may be updated from time to
time and there is no undertaking by LPPF to post any such amendments or supplements on this presentation.
The Company will not be responsible for any consequences resulting from the use of this presentation as well as the
reliance upon any opinion or statement contained herein or for any omission.
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Thank you
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7 March 2025 Paparan Publik (Public Expose) PT Matahari Department Store Tbk LPPF (ENGLISH)
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Agenda
No Topic Page
1 Executive Summary 26
2 Macroeconomic Update 27 – 29
3 Financial Performance 30 – 34
4 Strategy Update 35 – 42
5 Closing Remarks 43 – 44
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Executive Summary
Results in 2024: Preserved EBITDA despite soft macro economic environment
FY24 Sales: IDR 12.3Tn (-2.0% vs. FY23; -1.7% SSSG • Macroeconomic: Challenging market continued in 4Q24, with muted consumer spending.
vs. FY23), with muted consumer spending. Results
consistent with Lebaran (-2.4% SSSG) and Q4 SSSG • Merchandising: Flat apparel sales (0% SSSG) while non apparel sales dragged performance
(-2.0% SSSG) performance. (-6% SSSG). Enlarged space and coverage of pareto consignment vendors. Developed private
label brands to appeal to younger, modern shoppers. SUKO expanded to 79 stores and ZES
launched in 4Q24, targeting the fashion-conscious.
Gross Margin: 34.6% (vs. FY23: 34.2%) driven by
improved freshness. DP mix remained the same. • Store Optimization: Trimmed 13 underperforming stores for a healthy portfolio of 142 stores,
resulting in IDR 13Bn EBITDA uplift.
EBITDA: IDR 1,398Bn (vs. FY23: IDR 1,411Bn), 0.9% • Omni-channel: Increased online assortment by onboarding CV brands (which contributed 41%
decline vs. similar period last year despite OPEX of total MDS CV sales) to our digital channel. Further expanded marketplace reach.
drop of 1.0%.
Focus Ahead in 2025: Cautious staged investments subject to milestones
Net Income: IDR 828Bn (vs. FY23: IDR 675Bn), 22.5% • Merchandise Assortment Development: Enhancing private label offerings and exploring
higher than FY23 mainly due to reduction in interest new categories, such as home and living. Creating products targeted at price-sensitive
expense and depreciation. consumers, with a focus on competitive pricing and effective promotions.
• Specialty Store Launches: Opening new standalone Suko and Zes stores.
Inventory: IDR 0.7Tn (vs. FY23: IDR 0.8Tn), from
faster turns (2.1 to 2.6x). Also ending fresher • Store Renovation: Refurbishing select key A-stores to enhance their appeal.
(contribution of 0-6 months from 63% to 80%). • Store Portfolio Optimization: Consolidating store network, downsizing where necessary, and
opening new locations to boost overall sales productivity and profitability.
Net Cash: IDR 399Bn (vs. 2023: Net Debt IDR 42Bn), • Improved Economics: Focusing on optimization in areas such as rental, labor, and
with unutilized facility IDR 1.7Trn.
merchandising (in the form of reduced product costs, brand rationalization, increased
private label mix, and optimized space allocation).
Equity: IDR 326Bn (vs. 2023: IDR 31Bn), and
commitment on dividend payout 50% remains. • Technology Upgrades: Enhancing core IT applications, bolstering cybersecurity, and
investing in technology to support improved omni-channel capabilities.
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142 Stores
79 Cities
600+ suppliers
93% local
8,095
employees
Macroeconomic
Update
27
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Macroeconomic Environment
Households no longer appear to be net savers
Change in Deposits, Loans, and Net Bank Balance
YoY Change in IDR Tn
400
300
200
100
+84.6
0
-14.0
-100 +98.7
— Net bank balance (NBB), YoY change:
Change in deposits
Change in loans
-200
-300
Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Oct-24
Source: BI, OJK, BCA Economic Research
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Macroeconomic Environment
Challenges remain post-pandemic, reflected across sectors
Retail Sales of Apparel and Footwear Car Sales Sales of Full-Service Restaurants
In trillion IDR ‘000 units In trillion IDR
200 1,200 600
100 600 300
0 0 0
2019 2020 2021 2022 2023 2024* 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024*
Offline Sales Digital Sales
Source: Euromonitor International Source: Gaikindo, Astra International Source: Euromonitor International
*Forecast
29
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142 Stores
79 Cities
600+ suppliers
93% local
8,095
employees
Financial Performance
30
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Financial Highlights
Profitability improved with higher gross margin (40 basis points) and lower financial costs
Q4 Full Year
In IDR Bn
2024 2023 % Growth 2024 2023 % Growth
Gross Sales 2,828 2,937 -3.7% 12,307 12,552 -2.0%
SSSG % -2.0% -2.9% -1.7% -2.4%
Gross Profit 974 939 3.7% 4,253 4,295 -1.0%
Gross Margin % 34.4% 32.0% 34.6% 34.2%
OPEX (657) (663) -1.0% (2,855) (2,884) -1.0%
EBITDA 317 275 15.0% 1,398 1,411 -0.9%
EBITDA Margin % 11.2% 9.4% 11.4% 11.2%
Net Income (Loss) 205 45 358.1% 828 675 22.5%
Net Income Margin % 7.3% 1.5% 6.7% 5.4%
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Financial Highlights
Net cash at IDR 399Bn with unused Loan Facility at IDR 1.7Tn
ASSET LIABILITIES & EQUITY
In IDR Bn Dec-24 Dec-23 In IDR Bn Dec-24 Dec-23
Cash and Bank Balance 399 508 Bank Loan - 550
Trade Receivables 40 60 CV Trade Payables 469 770
Inventories 728 793 DP Trade Payables 567 457
Right-of-Use Assets 2,177 2,509 Lease Liabilities 2,843 3,051
Other Assets 1,193 1,306 Other Liabilities 935 1,022
Fixed Assets 604 705 Equity 326 31
Total Asset 5,141 5,880 Total Liabilities & Equity 5,141 5,880
32
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Sales Performance
Performance relatively stronger for core stores, particularly outside Greater Jakarta
Store Performance (SSSG) FY 2024 Store Performance by Geography (SSSG) FY 2024
Gross Sales by
Region (%)
Greater Jakarta 21.9%
Outside
Java Java ex Jakarta 34.5%
-0.2% Outside Java 43.6%
Total Sales 100.0%
Regular stores Watchlist stores
-1.3% -1.7% -5.5%
Greater Java
Jakarta ex Jakarta
-6.3% -0.6%
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Capital Allocation
Propose dividend and buyback while maintaining sufficient reserves for business growth
Capex Plan Dividend*
New store opening Proposed 81.7% Dividend Payout
Store refurbishment IDR 300 /share or IDR 677 Bn
Technology & maintenance
Exploring new concepts
Acquisition Strategic Buyback*
No investment planned Proposed IDR 150 Bn allocation
*subject to AGMS Approval
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KEY FOCUS
Merchandise Loyalty & Brand Store Network Omni-channel
Full Potential Development Optimization Expansion
Operational OPEX Environmental,
Excellence Optimization Social, &
Corporate
Governance
Strategy Update
35
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2024 Update
Continued to make progress on strategic initiatives
Merchandise Full Potential Loyalty & Brand Development Store Network Optimization Omnichannel Expansion
Key private labels rebranded with Brand awareness improved with Store space rationalization Onboarded 68 CV brands (41%
improved product and pricing growth of social media content completed with 13 stores closed of total CV offline sales)
architecture viewers by 58% and select downsizing
Broadened presence to include
SUKO sales points in 79 locations Higher engagement achieved Opened flagship store, with TikTok Shop to help drive
via community activations, refreshed and curated customer marketplace sales
New private label ZES launched, including influencers and journey
present in 56 stores at year-end notable key opinion leaders Back-end technology updated,
Store portfolio review to ensure with new Warehouse and Order
Inventory well managed with aged Increased sales contribution optimized occupancy cost and Management System to
stock >6 months reduced by 56% from active loyalty members of lean operations streamline operations
8.2 Million, reaching 80% of sales
Core CV brands grew by 6% driven Improved economics through
by greater coverage, larger display higher margins, introduction of
space fees, as well as headcount and
OPEX optimization
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2025 Priorities
Merchandise Store Network Omnichannel Analytics & Improved
Full Potential Optimization Expansion Technology Upgrades Economics
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Merchandise Full Potential
Continue to focus on private label while exploring new categories and brands
Refresh & Grow Private Label New Categories & Brands
Revamp private label (Nevada, Cole, Connexion, St Yves, Expand new categories, like home and living
Annisa, Little M)
Develop new brands to fill in the merchandising
Expand emerging brands (Suko & ZES) architecture whitespace
Targeted pricing & promotions, through value-based Diversify product range in terms of design, colors, price
pricing and strategic promotions point, and size
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Store Network Optimization
Upgrade existing stores and develop specialty format
Elevate Core Matahari Stores Specialty Stores and New Concept Development
Selective store opening with Renovation of up to 13 strategic Launch specialty stores for Other new store concepts
enhanced customer journey stores for improved shopping new private label brands are under development to
and higher profitability experience and targeting to expand presence beyond cater to various income
threshold higher productivity existing Matahari stores and segments and shopping tastes
malls
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Omnichannel Expansion
Expand channel and range while improving engagement
Better Engagement and
Conversion
• Integrate Shop & Talk platform
Range Expansion and digital marketing for
improved customer experience,
increased penetration, and
• Replicate offline CV assortment higher traffic
Channel Expansion through fulfilment-from-store
• Strengthen existing
model for both Matahari.com
marketplace channel with
• Explore Shop-in-Shop with and various online
enhanced live streaming and
micro/nano KOLs & affiliates marketplaces
video content
to drive community sales
• Evaluate product category
• Improved offline to online
• Launch dedicated private expansion to stimulate
conversion by enabling app to
label online store to enhanced online sales
support offline functions
monetize brand equity
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Analytics and Technology Upgrades
Invest in modernising existing infrastructure while exploring new technology
• Upgrade Core Merchandising and Finance
Applications: Modernise existing applications to
enable advanced reporting capabilities, leveraging
cutting-edge data analytics tools for deeper insights.
• Strengthen Cybersecurity: Fortify digital security
measures to safeguard data integrity and protect
against emerging threats.
• Explore Innovative Data Capture Technologies: Pilot
new technologies to enhance data collection,
enabling richer insights and more accurate decision-
making.
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Improved Economics
Remain profit focused through cost optimisation and improved productivity
Product Costs and Store Productivity
Inventory Optimization Improvement
Select cost-effective product designs and materials Enhance rental agreements
Consolidate spend for greater efficiencies Maximize space allocation and store layout efficiency
Streamline sourcing and ordering process Optimize in-store labor costs
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142 Stores
79 Cities
600+ suppliers
93% local
8,095
employees
Closing Remarks
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Closing Remarks
Despite muted consumer spending, we remain focused on improving profitability
Sales of IDR 12.3 Tn (-2.0% YoY) for FY24 affected by muted consumer spending.
EBITDA of IDR 1.4 Tn (-0.9% YoY) and Net Profit of IDR 828 Bn (+22.5% YoY) reflects our focus on profitability.
Merchandising: Performance dragged by non apparel (-6% SSSG). Apparel focus of private label gained momentum last year with Suko expansion
and Zes launched in Q4. Further strengthening of private label brands is planned for 2025 with expansion in categories such as home and living.
Sharper pricing and promotion will be tested in response to subdued macro economic environment.
Store optimization: Strengthened portfolio with 13 store closures in 2024. Continuing to monitor stores for rationalization and downsizing, while investing
in growth by renovating up to 13 strategic A-stores as well as opening new stores, particularly specialty stores for Suko and Zes.
Digital: In 2024 expanded channel reach and increased product assortment on Matahari.com through increased CV participation. Plan to further
increase CV assortment and enhance engagement while improving profitability.
Improved economics: Continue to focus on cost savings from rental, headcount optimization and merchandising.
IT: Plan to upgrade necessary core system, strengthen cybersecurity, and procure technology for improved omnichannel given past underinvestment.
Corporate actions: Propose dividend of IDR300/share and share buyback of IDR150Bn (subject to shareholders approval).
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Contact us
PT Matahari Department Store Tbk
Menara Matahari 12th Floor,
Jl Boulevard Palem Raya No.7
Karawaci, Tangerang 15811, Indonesia
Phone: +6221 547 5228 | +62811 9610 1111
Email: ir@matahari.com
www.matahari.com
DISCLAIMER: This presentation has been prepared by PT Matahari Department Store Tbk (“LPPF” or “Company”) for
informational purposes. Neither this presentation nor any of its content may be reproduced, disclosed or used
without the prior written consent of the Company.
This presentation may contain forward looking statements which represent the Company’s present views on the
probable future events and financial plans. These views are based on current assumptions, are exposed to various
risks, and are subject to considerable changes at any time. The Company warrants no assurance that such outlook
will, in part or as a whole, eventually be materialized. Actual results may differ materially from those projected.
The information is current only as of its date and shall not, under any circumstances, create any implication that the
information contained therein is correct as of any time subsequent to the date thereof or that there has been no
change in the financial condition or affairs of LPPF since such date. This presentation may be updated from time to
time and there is no undertaking by LPPF to post any such amendments or supplements on this presentation.
The Company will not be responsible for any consequences resulting from the use of this presentation as well as the
reliance upon any opinion or statement contained herein or for any omission.
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Thank you
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Matahari Department Store Tbk
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