Matahari Department Store Rings Up 31 Percent Profit Growth in 2014
Jakarta. Listed retailer Matahari Department Store posted a 31 percent rise in profit last year on the back of strong sales growth, the company said in a statement on Tuesday.
Net income at MDS, the operator of country’s largest department store chain, rose to Rp 1.4 trillion ($110 million) in 2014 from Rp 1.08 trillion the previous year. Gross sales during the period rose 13.2 percent to Rp 14.4 trillion.
The company also said it had ramped up its debt repayments, leading to its debt balance decreasing to Rp 700 billion as of the end of 2014, from Rp 1.6 trillion at the end of 2013.
“We are very pleased with our 2014 results, which reflect another record year for Matahari,” MDS chief executive Michael Remsen said in a statement.
“Consumer demand in our target middle-income segment remains robust, and with our strong pipeline of stores for 2015 we are looking forward to another year of strong growth.”
Matahari opened eight new stores during 2014, bringing the chain’s total store count to 131 in 62 cities across Indonesia.
This year, it expects to open another 12 to 14 additional stores throughout the country, the statement said.
Matahari, affiliated with the Lippo Group, has a network of more than 1,200 local suppliers, as well as international suppliers. GlobeAsia is also affiliated with the Lippo Group.
GlobeAsia
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