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PT Matahari Department Store Tbk (LPPF) reported a net profit of Rp 1.19 trillion for the January-September 2019 period. This figure represents a 20.7% decrease compared to the same period in the previous year.
This decline in net profit is attributed to the low average sales growth in each Matahari store, which was only 0.5%. According to Richard Gibson, CEO and Deputy President Director of Matahari Department Store, the current retail industry is highly competitive, making it quite difficult to boost sales.
The decline in Matahari's net profit is not a new phenomenon this year. Annually, net profit recorded over nine months fell by 0.6% in 2018 and 6.5% in 2017.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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