REG - DFI Retail Group Jardine Matheson Hdg - PT HERO SUPERMARKET TBK THREE MONTHS 2024 RESULTS

DFI Retail groupAnnouncement

30/04/2024 10:30

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RNS Number : 6016M  DFI Retail Group Holdings Ltd  30 April 2024

 Announcement
 30th April 2024

 

 

PT HERO SUPERMARKET TBK

THREE MONTHS RESULTS ENDED 31ST MARCH 2024

 

 

 

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, 30(th) April 2024

 
PT HERO SUPERMARKET TBK
THREE MONTHS RESULTS ENDED 31(st) MARCH 2024

 

Highlights

·    Net Revenue up 8% compared to the same period last year, driven by
strong Lebaran Festive results

·    Losses from continuing operations narrowed compared to the same
period last year

·    Continued encouraging performance in Health & Beauty segment

·    IKEA adversely affected by weak home furniture demand

 

Results

                                            Unaudited

                                            THREE MONTHS
                                            2024             2023                 Change
                                            Rp billion       Rp billion           %
 Net Revenue                                1,255            1,166                8
 Gross Profit                               512              478                  7
 Loss from continuing operations            (67)             (73)                 n.m.
 Reported (loss) / profit                   (1)              152                  n.m.
                                            Rp               Rp                   %
 Loss per share from continuing operations  (16)             (17)                 n.m.
 Reported (loss) / profit per share         (0)              36                   n.m.

 

PRESIDENT DIRECTOR'S STATEMENT

 

Introduction

The Company's sales and gross profit increased in the first quarter of 2024
compared to the same period last year.  Guardian Health and Beauty performed
encouragingly in the first quarter, and Hero Supermarket's like-for-like sales
improved.  However, IKEA's performance was impacted by decreased demand for
home furnishings.

 

Company Performance

The Company achieved a net revenue of Rp 1,255 billion in the first quarter of
2024, resulting in an 8% increase from the prior year, driven by strong
Lebaran Festive results.  Losses from continuing operations narrowed in the
first quarter relative to the corresponding period last year, primarily due to
improved performance from Guardian Health and Beauty.  The Company reported
reduced profit for the period due to lower gains on the divestment of non-core
properties and lower IKEA profitability.

 

Guardian Health and Beauty reported positive like-for-like sales growth in the
first quarter of 2024, underpinned by the recovery of foot traffic in premium
malls and tourist locations.  Profit also grew strongly relative to the prior
year.  Guardian continues strengthening its value proposition by optimising
its product range and expanding its omnichannel presence to enhance customer
accessibility.

 

The weak demand for home furnishing impacted IKEA's net revenue and
profitability for the period.  As a result of these challenging market
conditions, IKEA has implemented actions to manage financial performance,
including space optimisation, cost control initiatives and inventory
management.

 

Hero Supermarket's sales and underlying profit improved in the first quarter,
driven by good like-for-like sales performance.

 

Business Update

The Company successfully divested two non-core properties in the first quarter
and one non-core property in April 2024, which enhanced the Company's
financial position.

 

On 22(nd) April, the Company announced that it had entered into a Conditional
Sale and Purchase Agreement to transfer ownership of the Hero Supermarket
business segment to affiliate PT Hero Retail Nusantara.  This transaction is
expected to be completed by the end of June 2024.  After completing this
transaction, the Company's operations will fully pivot to the Guardian and
IKEA businesses.  The Company remains confident in the long-term prospects of
these two businesses and the opportunity to increase market share growth.

 

Prospects

The Company anticipates ongoing variability in demand patterns across its
business units in 2024.  We expect to continue the positive momentum for the
Health and Beauty segment; however, uncertainty remains regarding the recovery
of the Home Furnishing business.  The Company remains well-positioned to
achieve sustainable growth in the medium to long-term.

 

Hadrianus Wahyu Trikusumo

President Director

30(th) April 2024

 

For further information contact:

Hadrianus Wahyu Trikusumo, 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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