JAKARTA. PT Matahari Department Store Tbk (LPPF), one of the biggest retail companies in Indonesia, reported sales decline in H1 2024 of 2.8% year-on-year (yoy) to IDR 7.23 trillion.

LPPF’s sales decline in H12024 was seemingly caused by challenging condition during Eid holiday, in addition to consumers’ power purchase that were deemed quite weak in the first half.

“Financial result in the first half indicates consumers’ power purchase that continues to decline, especially clothing and footwear,” said Monish Mansukhani, CEO of Matahari, in the official statement.

With this sales decline in H1 2024, LPPF’s net profit shifted down 8.45% yoy to IDR 626.1 billion. In the same period last year, its net profit hit IDR 683.87 billion.

Facing this weakening power purchase, LPPF will continue to implement its strategic plans, ranging from productivity increase through area expansion, to addition of consignation product variation, and rebranding of several exclusive brands.

“We also focus on operational enhancement and our efforts to expand our network in order to serve out customers better,” said Mansukhani. (KR/ZH)