Feb 20, 2012

Hero FY11 net income rises 23%

PT Hero Supermarket Tbk (HERO) today announced a 17% increase in sales to Rp8.95 trillion from Rp7.65 trillion, whilst  net  income grew by 23% to Rp274 billion last year from Rp221.91 billion a year earlier. 
Operating profit rose 17.39% to Rp384.07 billion from Rp327.15 billion.
“We are pleased that all our brands have performed well in 2011 despite keen competition. We have opened 61 new stores including two hypermarkets and 14 supermarkets. Five  converted Giant supermarkets and six upgraded Hero supermarkets have  produced encouraging results. Certain management and operational changes have taken place during the year to prepare the Company for further business expansion. We are committed to continue to grow all our brands profitably,” said President Director Philippe Broianigo in a press statement today.
Hero Supermarket has more than 13,700 employees serving its customers in 533 stores. As at 31 December 2011, the Company operated 39 Giant hypermarkets, 131 Hero and Giant supermarkets, 231 Guardian health and beauty stores and 132 Starmart convenience stores. 

Disclosure: No position at the stock mentioned above.

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