Widespread store closures for much of the second quarter sent the Indonesian retailer’s bottom line into the red, with a loss of IDR 147,310 million ($10.3 mm) against a profit of IDR 224,528 million last year, as sales plunged 67% to IDR 653,450 million ($45.9 mm) from IDR 1,956,249 million. Gross margin was down 1520 basis points to 30.4%, largely from reduced prices to clear inventory along with some currency headwinds. Operating expenses were reduced by 32%, but still deleveraged on the top line decline. E-commerce soared over 600% in the quarter with residents forced to stay home due to ... Log in to view full article.