Weight of Covid-19

Ace Indonesia starts 2022 with sales downturn

Ace Indonesia's website.(Source: Screenshot Ace Indonesia)
Ace Indonesia's website.

Home improvement retailer Ace Indonesia saw a fresh dip in its financial performance as the company continues to bear the weight of Covid-19. In its quarterly financial report, Ace Indonesia disclosed a 3.3-per cent fall in net sales to 1.626 trillion Indonesian rupiah (IDR, around EUR 106.70 mio) in the first quarter.

Its home improvement business accounted for the bulk of the earnings, raking in IDR 867.752 bn (EUR 56.94 mio) – 2.52 per cent lower than the segment's contribution the previous year – while lifestyle products posted sales of IDR 658.429 bn (EUR 43.21 mio), down 5.45 per cent. Toys, which totalled IDR 65.052 bn (EUR 4.27 mio), saw a 6.86-per cent uptick from the previous year.

Ace Indonesia has been struggling since the onset of the coronavirus disease. It capped 2021 with an 11.73 per cent drop in net sales, the second year in a row that its top line was eroded. In 2020, the company ended the year with a 7.8-per cent slip in net sales. It has attributed its lackluster showing to reduced store visits and Covid-19-related restrictions on its store operations around the country.

A part of the Kawan Lama group, the company is the dominant home improvement retailer in Indonesia. It was operating 220 outlets as of end-March.

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