Dairy Farm International Hldgs Ltd PT Hero Supermarket Tbk Nine Months 2021 Results (7332Q)
29 Octubre 2021 - 4:29AM
UK Regulatory
TIDMDFI TIDMJAR
RNS Number : 7332Q
Dairy Farm International Hldgs Ltd
29 October 2021
Announcement
29th October 2021
PT HERO SUPERMARKET TBK
NINE MONTHS 2021 RESULTS
The following announcement was issued today by the Company's
89.3%-owned subsidiary, PT Hero Supermarket Tbk.
For further information, please contact:
Dairy Farm Management Services Limited
Diky Risbianto ( 62 - 21 ) 8378 8388
South Tangerang, 29(th) October 2021
PT HERO SUPERMARKET TBK
NINE MONTHS 2021 RESULTS
Highlights
-- Results for first nine months significantly impacted by COVID-19
-- More severe Government restrictions on movement impacted third-quarter sales
-- IKEA opens fourth store in Indonesia
-- HERO Group remains well-positioned as a strong, competitive retailer in Indonesia
Results
(Unaudited)
NINE MONTHS
2021 2020 Change
---------------------
Rp billion Rp billion %
--------------------- --------------- ----------- ----------- --------
Net Revenue 4,448 6,863 -35.2
Gross Profit 1,216 1,791 -32.1
Loss for the period (747) (339) n.m.
Rp Rp %
--------------- ----------- -----------
Loss per share (179) (81) n.m.
-------------------------------------- ----------- ----------- --------
PRESIDENT DIRECTOR'S STATEMENT
Introduction
The Company faced significant challenges for the first nine
months of 2021 due to the COVID-19 pandemic, the related imposition
of PPKM ( Enforcement of Limitation on Community Activities ) and
consequent changes in customer shopping habits. During the third
quarter, Government restrictions on movement were increased,
severely impacting store trading hours and store traffic.
Following a detailed strategic business review, the Company
announced in May that it would be changing its trading approach by
increasing its investment in the IKEA, Guardian and Hero
Supermarket banners and pivoting away from the Giant brand. During
the third quarter, the Company successfully executed the
restructure of Giant Indonesia.
Financial Performance
The Company reported a net loss of Rp 747 billion for the first
nine months of 2021, with Rp 456 billion non-recurring charges
incurred due to the Giant restructure.
IKEA's like-for-like sales were impacted by severe
Government-imposed store trading restrictions in the third quarter.
However, the number of store visits improved in September relative
to July and August. E-commerce contribution in the quarter
continued to increase relative to prior quarters. Profitability has
been impacted by pre-opening expenses associated with new store
openings and reduced sales revenue. During the quarter, IKEA
Indonesia opened its fourth store in Jakarta Garden City. Following
this opening, IKEA has more than doubled the total area of its
store network since the start of the year. This expansion follows
IKEA's strategic imperatives to be more accessible and affordable
to the people of Indonesia.
Guardian Health and Beauty performance continued to be
significantly impacted by pandemic-related restrictions in
Indonesia and associated changes in customer behaviours.
Like-for-like sales performance were impacted by increased
Government-imposed restrictions on movement, with performance
improving in September. In addition, underlying profitability was
affected in the third quarter by reduced sales.
Following the Giant Indonesia restructure, six Giant stores have
been successfully converted into Hero Supermarket stores. The new
Hero Supermarket stores have a strong fresh food offering and a
broad array of high-quality products sourced locally and worldwide.
However, Hero Supermarket's underlying sales performance in the
third quarter has been impacted by increased Government imposed
movement restrictions, which have particularly affected mall
traffic.
Business update
Following the announcement of the change in PT Hero's strategic
approach, the Giant banner in Indonesia ceased operations in July.
Six Giant stores have been successfully converted into HERO stores,
with several stores planned to be converted into IKEA stores. In
addition, the Company has successfully divested a number of stores
to third parties and remains in active discussions to divest
several additional stores.
Prospects
The duration of the COVID-19 pandemic and the extent of its
impact on PT Hero remain uncertain. As a result, the Company
expects the remainder of 2021 to be challenging. However, PT Hero
remains committed to its retail future in Indonesia and confident
in its position as a strong competitive retailer over the long
term.
Patrik Lindvall
President Director
29(th) October 2021
- end -
For further information contact:
Patrik Lindvall, President Director
PT Hero Supermarket Tbk
Tel: +62-21-8378 8388
E-mail: extcomm@hero.co.id
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