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Hero shares remain strong despite Giant closure

25 June 2019 11:57

JAKARTA - Shares of PT Hero Supermarket Tbk (HERO) have remained strong in the past two days despite the plan to close a number of Giant outlets.

On Monday (24/6), HERO stock price edged up slightly to Rp 850 per share until the end of the day's trading session. In the first session on Tuesday (25/6), the stock price reached Rp 890 per share.

Since last weekend there have been reports that a number of Giant outlets will be closed by July 28, 2019. The six outlets to be closed are Giant Express Cinere Mall, Giant Express Mampang, Giant Express Pondok Timur, Giant Extra Jatimakmur, Giant Mitra 10 Cibubur, and Giant Extra Wisma Asri.

Ahead of the closure, the outlets have been offering discounts which have attracted a large number of customers. Giant supermarkets are run by Hero, which was established in 1971.

Based on the company's first quarter financial statement, Hero's net revenue grew 0.5% year on year (yoy) to Rp 3.06 trillion. However, the company still suffered a Rp 3.52 billion net loss, although it was lower than the Rp 4.13 billion loss in Q1 last year.

In the non-food segment, Hero still recorded 21% sales growth to Rp 715 billion. However, it failed to balance the non-food segment sales of Rp 2.345 trillion, down 5% yoy. (ARM/MS)

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