Indonesia's Matahari Department Store gains profit rise of half

One of Indonesia’s major department store operators, the Matahari Department Store, has revealed their profit has risen by half during the first quarter of higher sales, owing to higher spending amongst middle income households.

This is as net income between January and March rose to Rp123.1billion ($11million) - an increase from Rp82.2billion during the same quarter last year. Same store sales (which have been established for at least a year), rose by 9.3%.

The Matahari Department Store claims they continue to be positive across trading for the rest year, as they experience continuing strength in top line growth motivated by the increased disposable income in their targeted customer group.

Matahari owns 125 stores across 61 cities of Indonesia.

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