Cetak Penjualan Rp9,6 Triliun di Kuartal III, Matahari Fokus Buka Gerai Baru di Tahun 2024

Print Sales of IDR 9.6 Trillion in Quarter III, Matahari Focuses on Opening New Outlets in 2024.

Dream - PT Matahari Department Store Tbk (LPPF) reported sales of Rp9.6 trillion in the first nine months of 2023, a growth of 1.4 percent compared to the same period last year. From these sales, the retail company generated revenue of Rp4.9 trillion, a slight increase of 0.3 percent, with a net profit of Rp631 billion.

Although experiencing slight growth, Matahari's same store sales growth (SSSG) performance showed a 2.3 percent decline. This condition was triggered by the lack of Lebaran stimulation and the subsequent economic slowdown. With this performance, Matahari's EBITDA reached Rp1.1 trillion, a decrease compared to last year's Rp1.5 trillion.

"The challenges in the middle to lower market segment are expected to remain in the short term but gradually improve as inflation subsides, with increased liquidity in the economy, and the Company prepares with fresher, newer, and more competitive products with a focus on a stronger brand portfolio in all segments,"

"Expressed by Matahari's CEO, Terry O'Connor, in his statement quoted on Thursday, October 26, 2023."

The translation of the given text from 'Bahasa' to 'English' while preserving any HTML tags is as follows: The sun says the initiative to drive the full potential of sales products is going well. Suko has made good progress in expanding the outlets through the launch of Shop-in-shop, which will bring 14 new outlets, making the total 34 by the end of this year. An additional ammunition for the sun is the launch of a new exclusive brand, Anyday, which will be operational in October 2023. This brand is designed to counter the impact of inflation on consumers.

To improve the productivity of sales products, the company will focus on maximizing the sales volume of merchandise at normal prices. Matahari is also striving to accelerate the reduction of old inventory in the fourth quarter, which affects gross margin. Initiatives to optimize the store network are also considered to be progressing well, although the company has a small number of stores with marginal profitability that need to be addressed based on the latest monitoring list.

Focus Expansion 2024

Facing 2024, Matahari's expansion focus will be directed towards opening high-quality stores compared to volume. As part of the plan, four out of six planned stores that will start operating in 2024 will adopt the latest Matahari concept. Meanwhile, the other two stores will have the MU&KU concept.

"The newly introduced MU&KU concept, which serves the upper-middle segment, has recently been presented to the expected developers, with an estimated launch in the first half of 2024," wrote the Company.

The company also intends to accelerate the efforts of rebranding the outlets and allocate capital expenditure to outlets with higher potential.

In the near future, the Company is optimistic that the main seasons leading up to Christmas 2023 until Eid 2024 have been well prepared by utilizing the current inventory, sales product flow initiatives and new brands, as well as greater investment in the renewal of major outlets and marketing.

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