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20240430_LPPF_Laporan Informasi dan Fakta Material_31631920_lamp3.pdf
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PRESS RELEASE
30 April 2024
Matahari Reported IDR 3.7 Trn Sales and EBITDA of IDR 519 Bn
Highlights:
1Q24 Sales grew by 35.9% to IDR 3.7 Trillion.
Gross Margin for the quarter was 34.9%, lower than last year of 35.4%, as stock
clearance activity in the early part of the quarter lowered margin.
1Q24 EBITDA for the year was IDR 519 Billion, and Net Income was IDR 326 Billion.
Matahari ("Company"; stock code: "LPPF") reported IDR 3.7 Trillion of sales, an increase
of 35.9% against last year, with 34.3% Same-Store Sales Growth (SSSG), contributed by
the early Lebaran season relative to last year. The first two months delivered 0.7% SSSG,
while the Lebaran period achieved -2.4% SSSG.
Despite a slight decrease in 1Q24 Gross Margin to 34.9% from 35.4% the previous year
due to stock clearance efforts in January an February, the Gross Margin for the
Lebaran period itself improved by 0.2% compared to the same period last year. The
Company’s 1Q24 EBITDA stood at IDR 519 Billion, while the corresponding Net Income
was IDR 326 Billion, nearly half of the previous full year’s total. Effective purchasing
strategies and the timing of the Lebaran season allowed the Company to conclude
the quarter with 27% less stock compared to the first quarter of last year, leaving
business in a better position from a stock-clearance perspective.
Description (in billion IDR) 1Q 2024 1Q 2023 Variance
Gross Sales 3,731 2,746 35.9%
Net Revenue 1,973 1,443 36.7%
%Gross Margin 34.9% 35.4%
EBITDA 519 234 121.9%
Progress on initiatives include the opening of the new concept store at Aeon
Deltamas, which was well received. A more selective approach to new store
openings has reset the new store opening target to 3 to 4 new stores for 2024.
Refurbishment progress remains on track, with closure plans for 8 out of 10 stores for
2024 finalized with landlords. Similarly, digital channels are further developed by
continuing to improve customer experience and technology by enabling wider
product offering, personalized marketing and rewards, and enhancing UI/UX features.
Matahari’s merchandise portfolio continues to evolve, with a recent private label
rebranding exercise and store expansion of private label SUKO. Additionally, over 30
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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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new third-party brands have been introduced this year that cater to higher-income
segment customers. At the same time, the Company is engaging targeted younger
customers through social media initiatives, community building, and personalized
marketing efforts.
"Our performance this Lebaran season has been affected by macroeconomic factors
like decreased spending among mid- to lower-income segments. We are actively
identifying areas where we can enhance our business operations, develop our
offerings, and refine our strategic approach. Despite the obstacles, we remain
committed to advancing our existing strategic initiatives to better position our business
for future opportunities," said Monish Mansukhani, CEO of Matahari.
###
About Matahari
Matahari is the largest retail platform in Indonesia, with 155 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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