DFI Retail Group Holdings Ltd PT Hero Supermarket Tbk First Half 2023 Results (9661K)
31 August 2023 - 11:37AM
UK Regulatory
TIDMDFI TIDMJAR
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
202 3 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
- end -
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