Jakarta. Matahari Department Store, Indonesia’s first and largest department store chain, reported first quarter gross sales of Rp 3.3 billion ($240,000), an increase of 4.8 percent from Rp 3.214 billion of sales in the first quarter of 2017.
Net revenue increased by 5.9 percent to Rp 1.962 billion and net income was Rp 247 billion, 1 percent above the first quarter of 2017.
Same store sales growth of 4.8 percent was driven predominantly by an increase in customer traffic, demonstrating the success of the company’s strategy of offering great value deals on fashion, according to a press release.
Matahari currently operates 153 stores in 73 cities across Indonesia, and also offers its merchandise online at MatahariStore.com. The company anticipates opening four to six stores in 2018, with two of those stores to open prior to Lebaran.
"Our first quarter results show the importance of continuing to focus on both fashion and value for our customers. We believe that our improved merchandise offerings, combined with the growing tailwinds we have in our customer segment, will continue to drive our business as we move throughout the year," said Richard Gibson, chief executive and deputy director of Matahari.