JAKARTA (Yosefardi) – Retailer PT Hero Supermarket Tbk (HERO) booked net profit of Rp55 billion in first quarter of this year, was in line with the same period last year, assisted by lower interest expenses.
Net revenue increased 16% to Rp3.13 trillion from previous Rp2.69 trillion, showing positive like for like sales in all banners and by new stores openings.
While operating income dropped 45% to Rp51 billion from earlier Rp92 billion, following cost pressures, investment in developing the business, and the preopening cost of IKEA.
Total 14 net new stores were opened in the period ended 31st March 2014 including two GiantEkstra, four Giant Ekspres, 13 Guardian and five Starmart were closed.
As at 31st March 2014, the Company operated 696 stores, comprising 53 Giant Ekstra, 162 Hero Supermarket, Jason Supermarket and Giant Ekspres, 329 Guardian health and beauty stores and 152 Starmart convenience stores.