Jakarta. Matahari Department Store, one of Indonesia's largest retail operators, is bullish about future earnings despite the fact that the company booked a slight decline in net income last year on the back of an economic slowdown that resulted in weak purchasing power.

The company booked Rp 1.9 trillion ($133 million) in net income last year, down 5.6 percent from Rp 2.02 trillion in the year prior. However, revenue increased by 1.3 percent to Rp 10 trillion in 2017. Meanwhile, Matahari's same-store sales growth fell 1.2 percent.

"With our new merchandise initiatives resonating well with our customers and in anticipation of a stronger macro environment, we are optimistic that our sales will grow at a faster pace in 2018,” said Matahari Department Store chief executive and vice president Richard Gibson in a statement on Tuesday (27/02).

Last year, the company opened outlets in Tegal (Central Java), Madiun and Jember (both in East Java), Medan (North Sumatra), Cirebon (West Java), Baturaja and Lahat (both in South Sumatera) and a Nevada specialty store in Surabaya (East Java).

The company opened eight new outlets last year and the company currently operates 155 stores in 73 cities across the archipelago.

The company plans to open six to eight stores this year.

The Jakarta Globe and Matahari Department Store are affiliated with the Lippo Group