Ramayana 2001 sales below target

Ramayana 2001 sales below target

JAKARTA : Indonesian retailer PT Ramayana Lestari Sentosa said Wednesday its 2001 full-year sales increased 21.7 percent to Rp 2.88 trillion.

The sales figure was below its target of Rp 2.90 trillion for the year.

The company said it expects to post a full-year net profit of Rp 323 billion in 2001, higher than the Rp 257 profit a year earlier. The figure will be released later in the quarter.

Ramayana said it plans to open 10 new stores in 2002 and close three unprofitable stores, adding a further 80,000 square meters of retail space. Ramayana currently has 80 stores with 491,484 square meters of retail space.

The opening of the new stores should help Ramayana push its net sales for 2002 up to Rp 3.60 trillion, with a net profit target of Rp 375 billion. --Dow Jones