TIDMDFI TIDMJAR TIDMJDS
RNS Number : 7866R
Dairy Farm International Hldgs Ltd
10 March 2021
To: Business Editor 10th March 2021
For immediate release
PT HERO SUPERMARKET TBK
FULL YEAR 2020 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
Gwendolyn Cheong (65) 8907 9249
South Tangerang, 10(th) March 2021
PT HERO SUPERMARKET TBK
FULL YEAR 20 20 RESULTS
Highlights
-- 2020 results significantly impacted by COVID-19
-- Grocery Retail and Health and Beauty materially affected by pandemic-related restrictions
-- IKEA performance supported by strong e-commerce growth
-- Multi-year transformation continues, despite market challenges
Results
Audited Full Year
2 020 2019 Change
-------------------
Rp billion Rp billion %
------------------- ----------- ----------- -------
Net Revenue 8,894 12,181 -27.0
Gross Profit 2,400 3,448 -30.4
Loss for the year (1,215) (28) n.m.
Rp Rp %
----------- -----------
Loss per share (290) (7) n.m.
-------------------- ----------- ----------- -------
PRESIDENT DIRECTOR'S STATEMENT
Introduction
The Company faced significant challenges in 2020 due to the
COVID-19 pandemic, the related imposition of PSBB (Large Scale
Social Distancing) and changes in customer shopping habits.
The Group's Grocery Retail and Health and Beauty businesses were
both adversely impacted by the pandemic. PSBB restrictions led to
changes in customer shopping behaviours and product demand patterns
and impacted traffic into stores within shopping malls.
IKEA Home Furnishings stores were impacted by restrictions on
operating capacity as well as temporary store closures. However,
this was partially offset by strong e-commerce growth.
Financial Performance
The company reported a loss of Rp 1,215 billion. The major
factors affecting the reported performance can be attributed in
broadly equal measure to the significant impact government PSBB
measures had on free movement of the general public and non-cash
charges associated with the business store optimisation
programme.
IKEA sales were impacted by restrictions on operating capacity
as well as disruptions to trading from COVID-19, partially offset
by strong e-commerce growth. Total operating profit was impacted by
reduced profitability from stores due to lower sales.
Guardian Health and Beauty delivered strong sales and underlying
profit growth in the first quarter. However, its performance for
the remainder of the year was impacted by pandemic-related
restrictions in Indonesia, which led to significantly reduced foot
traffic.
The performance of the PT Hero Grocery Retail business was
significantly impacted by the pandemic. Total retail sales reduced
in part due to the Group operating fewer stores as a result of the
Company's store optimisation plan, which was implemented in 2019.
Underlying financial performance, however, was impacted most by
changes in customer behaviours which have accelerated as a result
of the pandemic, as well as a rise in the cost of goods. Strict
social restrictions, local travel bans and, in particular, the
closure or imposition of heavy trading constraints on shopping
malls significantly limited foot traffic into, and materially
impacted the performance of, large format destination hypermarkets,
which are frequently the anchor tenants of malls. Hero Supermarket
store performance was relatively stronger, with better
like-for-like sales performance relative to Giant in the year.
Business Strategy
PSBB restrictions adversely impacted our ability to trade in
each of PT Hero's retail divisions. The Company's Food retail
business, with large stores located in restricted shopping malls,
was adversely impacted the most, similar to other comparable Food
retailers in Indonesia. In addition, the sector has seen increasing
competition in recent years with the growth of different store
formats, as well as changes in consumer behaviours, which have
accelerated during the pandemic. In order to address these
challenges, we continue to progress our space optimisation
programme and we also evaluate on an ongoing basis the relevance of
our offer to customers, so that we can adapt to the changing market
in order to compete effectively .
In Home Furnishings, we continue to invest in the future growth
of the business and remain committed to our strategic plan - to
meet the demands of growing middle-income consumers - which
involves opening both traditional and new IKEA formats. Following
the opening of the IKEA Sentul hypermarket conversion in late 2019,
two further new IKEA stores are expected to open in 2021 - one in
Bandung and the other in Jakarta Garden City.
The Guardian Health and Beauty business was also heavily
impacted by the trading and consumer behavioural constraints
outlined above, but also by the severe reduction in tourist
traffic.
Despite these current challenges, the Company believes there is
still significant potential for the Guardian business to grow the
store network across Indonesia, better serve customers across
multiple channels, both offline and online, as well as to improve
the customer proposition through enhanced store design, range and
value.
People
We would like to express our deep thanks and appreciation to all
our team members who have worked tirelessly to service our
customers during these challenging times.
Prospects
The duration and extent of the impact of the COVID-19 pandemic
on PT Hero remains uncertain. However, the Company expects the
pandemic to continue to affect its operations this year and for
2021 to remain challenging. The Company remains committed to its
retail future in Indonesia and in its position as a strong
competitive retailer in its chosen sectors, over the long term.
Patrik Lindvall
President Director
10(th) March 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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