Highlights:
· 9M24 sales reached Rp 9.48 trillion
· Gross Margin during the period was 34.6%
· EBITDA was recorded at IDR 1,081 billion, and Net Profit reached IDR 622 billion.
· Management maintains EBITDA target of IDR 1.2 trillion for FY24
Matahari (“the Company”; stock code: “LPPF”) today announced its financial results for the first nine months of 2024, with results reflecting progress on strategic initiatives and the ability to adapt to the dynamics of the Indonesian market. Total sales reached IDR 9.48 trillion, with Gross Margin remaining stable at 34.6%. EBITDA was recorded at IDR 1,081 billion, and Management reiterated its EBITDA target of IDR 1.2 trillion by the end of the year.
This performance reflects Matahari’s targeted approach in adjusting its merchandising and branding strategies to changing consumer trends and its emphasis on operational refinement. Several strategic initiatives such as product enhancements, brand expansion and store optimization are designed to strengthen Matahari’s appeal to new customer segments and improve business efficiency and resilience in the long term.
|
Description (in billion Rp) |
9M 2024 |
9M 2023 |
Variance |
|
Gross Sales |
9,479 |
9.615 |
-1.4% |
|
Net income |
4.917 |
4,980 |
-1.3% |
|
Gross Margin % |
34.6% |
34.9% |
|
|
EBITDA |
1,081 |
1.136 |
-4.8% |
|
Net profit |
622 |
631 |
-1.3% |
Developing Merchandising and Branding Initiatives
Matahari continues to dedicate resources to enhance its merchandising capabilities with new talent to drive innovation and adaptability. The company is currently optimizing space allocation to increase the productivity of consignment vendors while still creating more opportunities for exclusive brand products. The growth of the SUKO brand confirms this strategic direction, with plans underway to introduce new exclusive brands with a distinct fashion appeal and targeting young, modern consumers.
In-depth market research and consumer engagement strategies guide these efforts, with Matahari leveraging insights from key channels such as social media, Key Opinion Leaders, and community events to position its brands appropriately and compellingly. This approach plays a role in increasing awareness and creating curated product offerings for customers.
Developing and Enhancing the Shopping Experience
With a focus on strengthening its store network, Matahari is making selective adjustments to its store portfolio. This includes developing a list of potential new stores, as well as reducing the number of underperforming stores. Matahari is currently monitoring the performance of 20 stores on its watchlist and plans to close 13 stores this year. In addition, renovation plans for strategic stores are also underway, followed by refined performance metrics criteria.
Complementing the presence of physical stores, the Company's omni-channel strategy continues to evolve, with more than three-quarters of consignment vendors now integrated through Matahari's supplier portal, expanding the variety of products available online. The Company is also expanding its marketplace reach by opening official stores on several other leading e-commerce channels. In addition, Matahari's Shop & Talk platform is also in the process of being updated, which is expected to further enhance the online shopping experience.
Forward View
“We are determined to continue adapting to the evolving customer and retail landscape,” said Monish Mansukhani, Matahari CEO. “By focusing on product innovation and the in-store consumer experience, we hope to strengthen our market position and continue to build lasting connections with our diverse customer base.”
