Highlights :
- Sales in Q1 2023 were IDR 2.7 trillion, growing 14.2%. Same Store Sales Growth (“SSSG”) reached 10.4%
- Gross Margin in Q1 2023 was 35.4% vs 35.5% in Q1 2022, primarily due to mix shift
- EBITDA for Q1 2023 was IDR 234 billion, reflecting retail rent normalization and minimum wage growth.
- The opening of 7 new outlets before Eid has been completed with significant investment in the quarter.
- Active loyalty program members grew to 7.6 million, contributing to 81.7% of total sales, providing wider opportunities throughout 2023 for well-segmented communications.
- Strengthening of online proposition for customers, with strong growth in marketplace business and expansion of product diversity at Matahari.com, resulting in strong digital revenue growth
- The seasonal merchandising campaign is underway with a well-prepared product collection, investment in staff from Matahari and its vendors, and a full marketing program throughout March and April 2023.
Matahari ("Company"; stock code: "LPPF") posted Gross Sales of IDR 2.7 Trillion, or grew 14.2% in the first quarter of 2023. EBITDA was recorded at IDR 234 Billion, reflecting the normalization of rental costs and the impact of minimum wage adjustments.
Since the beginning of the year until now, the Company has successfully opened 7 new outlets ahead of Lebaran in Bekasi, Cikarang, two outlets in Semarang, Sleman, Balikpapan, and Bali. Matahari is planned to open 12-15 new outlets in 2023. These new outlets will also support the achievement of Lebaran 2023 in the growing outlet portfolio, which consists of 155 outlets to date.
On March 29, 2023, the Annual General Meeting of Shareholders ("AGM"; "Meeting") approved all proposals intended to maximize shareholder value. The meeting, among others, approved the distribution of dividends of Rp 525 per share from the 2022 Net Profit. In addition, the AGM approved the continuation of the share buyback program until September 28, 2024.
Terry O'Connor, Vice President Director and CEO of Matahari, said, "Matahari is committed to increasing shareholder returns. We are pleased to start the year with 7 new stores, which effectively support our engagement with shoppers during the key Lebaran season. At the same time, we are pleased to see our progress in omni-channel initiatives and the growth in the number of active loyalty program members which opens up wider opportunities for well-segmented communications. With this progress, we are confident in our positive long-term prospects."
