Matahari Department Store Profit Rises on Robust Sales
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Net income at Matahari Department Store, Indonesia’s biggest department store chain, rose by half in the first quarter, on the back of robust sales growth.
The company booked Rp 185 billion in profit in the January-March period, up 50 percent from Rp 123 billion in the same quarter last year, the company said in a statement on Wednesday.
Matahari’s same-store sales rose 5.4 percent, reflecting “the resilience of the company’s target middle income segment despite a broader slowdown in consumer activities” in the first quarter.
Matahari’s gross sales reached Rp 2.9 trillion, up 7.6 percent from Rp 2.7 trillion.
The company opened four new stores since the start of this year, bringing the total to 134.
“We are cautiously optimistic in terms of our sales outlook for the balance of the year and are particularly encouraged by the faster pace of the store openings we are seeing in 2015,” said Michael Remsen, chief executive and vice presidentdirector of the company, said.
Questions & Answers
Q.What was Matahari Department Store's net income in the first quarter of this year?
What was Matahari Department Store's net income in the first quarter of this year?
Matahari Department Store recorded a net income of Rp 185 billion in the January-March period. This figure represents a 50 percent increase compared to the same quarter last year.
Q.How many new stores has Matahari Department Store opened so far this year?
How many new stores has Matahari Department Store opened so far this year?
Since the beginning of this year, Matahari Department Store has opened four new outlets. This expansion brings their total number of stores to 134 across Indonesia.
Q.What reason did Matahari Department Store give for its strong same-store sales growth?
What reason did Matahari Department Store give for its strong same-store sales growth?
The company attributed its 5.4 percent same-store sales increase to the resilience of its target middle-income segment. This performance occurred despite a wider slowdown in consumer activities during the first quarter.