REG - DFI Retail Group Jardine Matheson Hdg - PT Hero Supermarket Tbk First Half 2023 Results

DFI Retail groupAnnouncement

31/08/2023 10:45

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RNS Number : 9661K  DFI Retail Group Holdings Ltd  31 August 2023

 Announcement
 31st August 2023

 

 

PT HERO SUPERMARKET TBK

HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30(th) JUNE 2023

 

 

 

The following announcement was issued today by the Company's 89.3%-owned
subsidiary, PT Hero Supermarket Tbk.

 

 

 

For further information, please contact:

 

 DFI Retail Group Management Services Limited
 Diky Risbianto                                (62-21) 8378 8388

 

 

South Tangerang, 31(st) August 2023

 
PT HERO SUPERMARKET TBK
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30(th) JUNE 2023

 

Highlights

·    Net revenue of Rp 2,516 billion, 17% up against the first half of
2022

·    Reported profit of Rp 132 billion, supported by further property
divestments

·    Company remains well-positioned for medium to long-term growth

 

Results

                                                 (Limited review)

                                                 Six months ended 30(th) June
                                                 2023                2022                Change
                                                 Rp billion          Rp billion          %
 Net Revenue from continuing operations          2,516               2,142               17
 Gross Profit from continuing operations         1,016               861                 18
 Loss for the period from continuing operations  (119)               (119)               n.m.
 Reported profit / (loss) for the period         132                 (114)               n.m.
                                                 Rp                  Rp                  %
 Loss per share from continuing operations       (28)                (28)                n.m.
 Reported profit / (loss) per share              32                  (27)                n.m.

 

PRESIDENT DIRECTOR'S STATEMENT

 

Introduction

The Company delivered robust revenue and gross profit growth for the first
half of the year. Guardian Health and Beauty reported a strong recovery in
both revenue and profitability.  IKEA, however, has seen a slower recovery,
with momentum improving in the second quarter of the year.

 

Company Performance

The Company's net revenue in the first six months was Rp 2,516 billion, 17%
above the same period last year.  Reported profit for the half was Rp 132
billion compared to the Rp 114 billion loss reported in 2022, driven mainly by
gains on divestment of non-core properties.

 

Guardian Health and Beauty continued to report a strong recovery after the
pandemic.  Stores in premium malls and tourist locations continued to benefit
from a significant increase in foot traffic.  Overall like-for-like sales
increased over 30% in the first half.  Profitability nearly doubled in the
first half compared to the same period last year, driven by strong sales
growth and operating leverage.  Guardian continues to strengthen its value
proposition, optimise its range and develop its omnichannel to increase
accessibility for customers.

 

IKEA's reported sales increased in the first half primarily due to the
annualisation impact of new store openings.  IKEA's like-for-like sales,
however, were impacted by reduced average customer spending as overall demand
for durable goods fell, with customers directing more consumption towards
leisure and travel.  Encouragingly, like-for-like performance did improve in
the second quarter.  Our brick-and-mortar stores benefitted from increased
customer visitation.   Profitability was also adversely affected by reduced
average customer demand.  For the remainder of the year, IKEA's priorities
are improving its customer experience, enhancing inventory management and
ongoing cost control.

 

A tapering of demand for key consumer staples impacted Hero Supermarket's
first half sales performance and profitability.  Nevertheless, Hero
Supermarket continues to innovate through format development and range
optimisation initiatives and implementing robust cost control to enhance
operational efficiency.

 

Business Update

Three properties were divested in the first half of the year to improve the
Company's financial position further.  The Company remains in active
discussions with third parties with respect to divestment of its remaining
non-core properties.

 

Prospects

There remains variability in demand patterns across the Group's business
units.  The recovery in the Health and Beauty business is expected to
continue.  However, underlying Home Furnishing business recovery will likely
be uneven.  The Company remains prudent and will continue to monitor the
impact of inflationary pressures and changes in consumer sentiment.  The
Company remains committed to investing in its key businesses and building the
foundations to deliver robust and sustainable growth over the medium to
long-term.

 

Patrik Lindvall

President Director

31(st) August 2023

 

For further information contact:

Patrik Lindvall, President Director

PT Hero Supermarket Tbk

Tel: +62-21-8378 8388

E-mail: extcomm@hero.co.id (mailto:extcomm@hero.co.id)

 

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