Highlights:
- 1Q25 Sales: IDR 4.6 trillion, up 24.6% YoY
- Gross Margin: Improved to 35.4% from 34.9% in 1Q24
- EBITDA: Grew 66.1% to IDR 863 billion
- Net Income: Nearly doubled to IDR 643 billion, up 97.3%
Matahari (stock code: "LPPF") today reported its financial results for the first quarter ended 31 March 2025. The Company achieved total sales of IDR 4.6 trillion, reflecting a 24.6% increase year-on-year, primarily driven by the timing shift of the Lebaran period. Same-Store Sales Growth (SSSG) during the Lebaran season
registered at -4.3%.
Gross Margin improved to 35.4%, up from 34.9% a year ago, supported by fresher assortments. EBITDA rose 66.1% to IDR 863 billion driven by the Lebaran shift, while operating expenses remained stable. Net Income grew to IDR 643 billion, helped by lower financing costs.
|
Description (in billion IDR) |
1Q 2025 |
1Q 2024 |
Variance |
|
Gross Sales |
4,648 |
3,731 |
24.6% |
|
Net Revenue |
2,392 |
1,968 |
21.5% |
|
%Gross Margin |
35.4% |
34.9% |
|
|
EBITDA |
863 |
519 |
66.1% |
|
Net Income |
643 |
326 |
97.3% |
Matahari continues to drive its strategic priorities aimed at enhancing profitability. Efforts include store optimization, focused on improving space productivity and labor efficiency, as well as sourcing improvements, by streamlining sourcing operations to lower product costs.
Assortment development also remains a key priority for the Company. Initiatives include collaborations with consignment vendors to strengthen the collection and recruit new brands. The Company’s private label brands, SUKO and ZES, gained momentum with SUKO achieving 73% growth during the Lebaran period, supported by the launch of SUKO GO. SUKO also plans to enter the children’s segment later in the year. Expansion into new categories like the Home and Living category is also underway.
Omnichannel initiatives are centered around expanding assortment accessibility and better digital engagements. This will be achieved through the consignment vendor onboarding program and the Fulfilment-From-Store strategy for third-party marketplaces, as well as enhancing customer engagement via livestreaming initiatives and loyalty programs.
Monish Mansukhani, CEO of Matahari, stated, “Our first-quarter performance reflects current market headwinds, notably the impact of subdued consumer spending during the Lebaran season. Despite these challenges, we remain focused on strengthening our operating model to deliver a customer-led assortment and ensure our sales channels continue to resonate with our customers”.
