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Matahari Concludes 2023 with 1.1% Sales Growth

26 February 2024
Corporate Communications
Matahari Concludes 2023 with 1.1% Sales Growth


·       Sales for FY23 grew by 1.1% to IDR 12.6 trillion, with store network expansion.

·       FY23 Gross Margin stood at IDR 4.3 trillion, despite inflationary pressure in 2023.

·       EBITDA for the year was IDR 1.4 trillion, with the elimination of rental subsidies.

·       IDR 200/share dividend proposed by Management, subject to statutory approval.


Matahari ("Company"; stock code: "LPPF") concluded 2023 with eight new stores and one reopening, generating gross sales of IDR 12.6 trillion, reflecting 1.1% overall growth. The sales performance was partially affected by the unexpected delay in THR and early Mudik. Despite inflationary pressure, Gross Margin stood at IDR 4.3 trillion. With the reduction of rental subsidies, EBITDA for the year was IDR 1.4 trillion.

Description (in billion IDR) FY 2023
Gross Sales 12,552 
Net Revenue 4,980
% Gross Margin 34.2%
EBITDA 1,411

As it refines its strategy, the Company is ensuring it targets the relevant middle-income customers. This repositioning will manifest in changes to store locations, merchandise, and the overall customer experience.

Matahari is improving its Direct Purchase product offerings through reinvigorated private labels and the launch of the SUKO brand. The Company also aims to strengthen high-quality consignment vendor partnerships and onboard new, well-known consignment product brands. Faster sell-through of merchandise is underway for improved freshness via increased promotions and dynamic trading.

Matahari will move forward with a specific focus on rejuvenating high-impact stores and plans to open four to six new stores in 2024. In its omnichannel journey, the Company aims to further enable fulfilment from stores and build visibility to consignment vendors’ inventory. Matahari will expand fulfilment from stores from 56 to 96 stores. 

The number of active Matahari Rewards members reached 8.6 million at the end of 2023. These active members contributed 79% of sales, compared to 66% the previous year. This increase was coupled with higher customer satisfaction, with an NPS of 73 in 2023, compared to 63 in 2022. 

Considering the initiatives for the turnaround strategy, Matahari aims to balance capital allocation for further growth while maximizing shareholders' value. The Company intends to increase its capital expenditure in 2024, and is proposing a dividend of IDR 200 per share, subject to statutory approval. 

"Despite some challenges from a weaker Lebaran due to the unexpected delay in THR and early Mudik, we made progress in a number of our strategic initiatives.  Our team is better prepared this Lebaran with fresher and more appealing assortment, improved pricing and dynamic trading. We intend to end the year with a more robust store portfolio, and an enhanced omnichannel offering," said Monish Mansukhani, CEO of Matahari.