Fashion retailer PT Ramayana Lestari Sentosa saw its sales and net profits flatten out in the first quarter of 2017. Ramayana's sales contracted 0.2 percent year-on-year (yoy) to Rp 1.48 trillion (US$111.14 million) compared to Rp 1.49 trillion in the first quarter of 2016. Its net profits also fell by 0.7 percent yoy to Rp 1.08 billion compared to the Rp 1.09 billion recorded in the same period last year. "The numbers are flat but our performance is better than other retailers. We also recorded positive same store sales growth of 1 percent yoy," Ramayana finance and accounting director Suryanto said during a press conference in Jakarta on Tuesday. Previously, Lippo Group's PT Matahari Department Store announced negative yoy growth of 0.55 percent in sales and a 40.4 percent drop in net profits. Suryanto added that the flat performance was because of recent security issues in Jakarta that had caused people to hold off on their purchases. Greater Jakarta made up of 33 percent Ramayana's total sales. "Meanwhile in other regions, a recovery in commodity prices has not yet boosted public purchases," he said.
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