Highlights :
- Gross sales in Q1 2021 were Rp 2,076 billion, down 23.6% from 2020 and 37.4% from
- Net sales were Rp1,162 billion, 25.0% below 2020, and 39.7% below 2019.
- Net loss of Rp (95) billion, similar to last year, vs net profit of Rp143 billion in Q1 2019.
PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) reported gross sales of Rp2.1 trillion for the period ended March 31, 2021, 23.6% and 37.4% below the same period in 2020 and 2019, respectively. Net income was Rp1.2 trillion, 25.0% lower than 2020 and 39.7% lower than 2019.
(in billion Rupiah)
|
Description |
Current |
Difference |
|
|
% from |
% from |
||
|
Gross Sales |
2,076 |
-23.6% |
-37.4% |
|
Net income |
1.162 |
-25.0% |
-39.7% |
|
Net Loss |
(95) |
1.5% |
-166.9% |
Business during Q1 2021 was still affected by the strict PSBB that was in effect until February 8, which was then continued with the Micro-Scale PPKM which is still being implemented to date. The Company has started the seasonal program early to ensure the safety of visitors and as an anticipation of uncertain situations, especially with homecoming restrictions.
The Company is closely monitoring 23 stores under monitoring, and plans to close 13 stores this year. The other 10 stores under monitoring are still under review. We opened one new store in Balikpapan (East Kalimantan) in April 2021.
Niraj Jain, Chief Financial Officer of Matahari said, “We continue to operate in a challenging macro environment. We are ensuring tight control over operating expenses and capital expenditure. We continue to receive support from mall owners and suppliers. We have extended our bank loan facility of Rp1 trillion and ended Q1 with a bank loan balance of Rp480 billion. The Company continues to take a conservative stance in an environment of high uncertainty.”
