27 October 2022
The Weekly
Indonesia

Gross sales for the first nine month (YTD Sep 2022) were IDR 9.5tn ($612mn), 26.5% above 2021, with YTD Sep 2022 gross margin at 35.7% vs 34.9% in YTD Sep 2021, and YTD Sep 2022 EBITDA at IDR 1.5tn ($96mn), above the full year 2021 and almost double the corresponding 9 months. The Q3 2022 same store sales growth reached 144.7%, with fewer trading restrictions during the period. Quarterly EBITDA swung to IDR 340bn ($22mn) higher than the year before. 2022 Full Year EBITDA Guidance remains at IDR 2.1tn ($135mn) on the back of the strong actual Q3 2022 and YTD performance.

Matahari recently relaunched its brand positioning, identity and new logo representing the new Matahari as a customer centric, Omni - channel ‘House of Specialists‘. To realize the concept of 'House of Specialists', Matahari will focus on four main pillars: Products, Price, Customer Experience and People. Matahari also announced it is on track for 10 store openings in 2022 with 5 locations already opened and a further 5 due in the November and December. Furthermore, Matahari plans to open 12-15 new stores in 2023 with 7 locations already secured and is already advancing the forward pipeline of store expansion opportunities and job creation. The total number of stores to be trading nationwide at the end of 2022 will be 148, growing to 160 or more by the end of 2023.

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