Indonesian government imposed social distancing policy in response to the declaration of
COVID-19 as pandemic, but still allowed companies to operate their business with several
restrictions. As a result, retail companies had to manage their working capital more
prudently in order to keep the stability of their business operations. This research aims to
examine the impact of the COVID-19 pandemic on the working capital management of
Indonesian retail companies listed on the Indonesia Stock Exchange. The results of the
current study showed that the COVID-19 pandemic did not affect profitability (ROA and ROE)
and the working capital management (CCC and WCR) of retail companies. However, NLB and
OCF was found significantly different before Covid-19 and during Covid-19 pandemic.