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View all search resultsMatahari posts weak performance in Q3
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Matahari department store marketing and store operations director Christian Kurnia (left) and Walt Disney Company Indonesia country manager Herry Salim pose with Donald Duck ata press conference in Jakarta on Oct. 11. (JP/Rachmadea Aisyah)
L
ippo group retail company PT Matahari Department Store posted a weak performance in the third quarter of 2017 with stagnant sales and a decrease in net income.
According to its financial report, sales only grew by 0.6 percent year-on-year (yoy) to Rp 4.9 trillion (US$360.85 million). Its net income, meanwhile, decreased by 6.58 percent yoy to Rp 1.5 trillion, mostly because of a 5.89 percent increase in operating expenses.
The company also recorded 2.7 percent negative growth of same store sales.
Matahari vice president director Richard Gibson said the slowdown was caused by weaker public consumption.
Read also: Matahari closes two outlets in JakartaIn trying to maintain their existing customers and to attract more people to shop in its stores, he said his company would change its business strategy to impress shoppers with its innovation.
He gave an example that Matahari was now in partnership with US-based entertainment giant The Walt Disney Company to bring exclusive products to Matahari.
"“Our strategic initiatives focus on how we can better serve our existing customers and to attract new ones," he said in a statement on Wednesday.
“We are at an important stage of our evolution. We are introducing innovative ways to further enhance the customer experience, both in-store and with our merchandise.” (bbn)
