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20250307_LPPF_Laporan Informasi dan Fakta Material_31867200_lamp1.pdf
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PRESS RELEASE
7 March 2025
Matahari Reports FY24 Results, Preserving Profitability amidst
Muted Consumer Spending
Highlights:
FY24 Sales were IDR 12.3 trillion, with -1.7% same-store sales growth (SSSG)
Gross Margin for the period was 34.6%, higher than 34.2% in 2024
EBITDA was IDR 1.4 trillion, decreased by 0.9%
Net Income was IDR 828 billion, grew by 22.5%
Today, Matahari ("Company"; stock code: "LPPF") reported its financial results for the
fiscal year ending 31 December 2024. The Company posted total sales of IDR 12.3
trillion, a 2.0% decrease from 2023, with SSSG declining by 1.7%. This reflects persistent
challenges in consumer spending, especially during the Lebaran season and in the
fourth quarter. Nonetheless, the gross margin improved to 34.6%, up from 34.2% in
2023, driven by product freshness. This improvement and the efficiency in operating
and financial expenses helped counter the sales slowdown and resulted in an EBITDA
of IDR 1.4 trillion, a 0.9% decline from last year and the Net Profit of IDR 828 billion,
increased by 22.5%.
Description (in billion IDR) FY 2024 FY 2023 Variance
Gross Sales 12,307 12,552 -2.0%
Net Revenue 6,399 6,539 -2.1%
%Gross Margin 34.6% 34.2%
EBITDA 1,398 1,411 -0.9%
Net Income 828 675 22.5%
Matahari focused on several strategic initiatives during the year, including the
development of private label brands to attract younger, modern shoppers. SUKO
gained traction with coverage in 79 stores, and ZES, a new private label brand, was
launched in the fourth quarter of 2024, targeting fashion-conscious consumers.
Matahari optimized its store portfolio by trimming 13 underperforming stores, resulting
in an EBITDA uplift of IDR 13 billion. Online operations were also strengthened with the
increasing online assortment by onboarding consignment brands, contributing 41% of
total Matahari consignment business.
Looking forward to 2025, Matahari remains committed to its strategic initiatives to
navigate the uncertain economic environment. The Company plans to expand its
private label assortment and explore new categories such as home and living.
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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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Matahari will also extend specialty format stores for SUKO and ZES, rationalize and
downsize underperforming stores, and renovate select strategic A-stores. At the same
time the Company will continue to focus profitability by scrutinizing rental and labour
expenses, as well as product costs.
Monish Mansukhani, CEO of Matahari, remarked, "Although middle-class consumer
spending has slowed, our 2024 results highlight our dedication to profitability. As we
fine-tune our strategies for 2025, we continue to prioritize enhancing our economics
and upgrading our offerings to ensure sustainable growth."
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About Matahari
Matahari is Indonesia’s leading retail platform, with a strong footprint of 144 outlets
across 80 cities and a growing digital presence. With over 60 years of history, the
Company offers a wide range of quality, affordable fashion and lifestyle products for
Indonesia’s middle class, supported by a team of over 30,000 employees. Matahari's
numerous awards and recognitions reflect its dedication to excellence and
innovation, underscoring its role as a dynamic and trusted brand 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.
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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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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