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Ace Indonesia’s losing streak continues

In late September 2021, Ace as one of the business units under Kawan Lama Group opened a new store at Grand Cakung Mall, East Jakarta: Suharno Tan (AHI operation director) signing the board for grand opening ceremony.

In late September 2021, Ace as one of the business units under Kawan Lama Group opened a new store at Grand Cakung Mall, East Jakarta: Suharno Tan (AHI operation director) signing the board for grand opening ceremony.

Troubled home improvement retailer Ace Hardware Indonesia continued to report slow sales in the nine-month period ending September 2021 as it saw tepid demand across business segments.

Indonesia's biggest home improvement retailer posted a 14.34 per cent fall in net sales for January to September 2021 to 4.694 trillion Indonesian Rupiah (IDR, EUR 283.93 mio) as all three of its segments - home improvement, lifestyle, and toys - saw a reduction in sales.

Home improvement, which accounted for just over half of the company's take for the period, made IDR 2.452 trillion (EUR 147.12 mio), down 14 per cent from the same period last year. Lifestyle, which netted sales of IDR 1.975 trillion (EUR 118.50 mio), fell 16 per cent, while toys slipped 0.35 per cent to IDR 173.713 bn (EUR 10.42 mio).

The company did not disclose third quarter data, but computations against earlier financial statements show that net sales took a nosedive to hit IDR 1.299 trillion (EUR 77.94 mio) in July to September, against IDR 1.714 trillion (EUR 102.84 mio) in the second quarter, and IDR 1.681 trillion (EUR 100.86 mio) in the first.

The company, which is a member of the Kawan Lama group, managed to open eight stores during the period, even as it closed one, as information from its website shows.

| 4 November 2021 | 12:24


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