Sports and leisure retailer PT Map Aktif Adiperkasa (MAPA) has reported a 15 percent year-on-year (yoy) growth in revenue to Rp 1.5 trillion (US$104.38 million) in the first quarter of 2019.
The company says operating profits surged 23.3 percent to Rp 197 billion, while the adjusted net income jumped 25.6 percent to Rp 147 billion, according to a statement received on Thursday, adding that the net income margin was 9.7 percent up from 8.8 percent in 2018 in the first quarter of 2018.
MAPA says the consolidated same-store sales growth (SSSG) in the first quarter was 8 percent fueled by particular strong growth in the sports and kids segments.
However, in spite of burgeoning shopper demand within its leisure business, there were temporary SSSG declines primarily due to supply chain issues surrounding the Payless USA parent company reorganization, which will rebalance in the second half of the year, it says.
The company records that the gross profit margin expanded by 140 basis points to 46.4 percent as a result of improved merchandise planning, enhanced purchase and marketing execution across its proprietary Multi-Tier Retail platform.
With an earlier Muslim festive season approaching, MAPA has encouraged longer inventories from 163 days to 197 days to fulfill seasonal demand, the company said, adding that additional inventories were also budgeted for the Lego exclusive distribution acquisition, the PlanetSports.Asia Digital launch, and the Vietnam start up.
“We achieved a great balance between revenue and earnings growth in Q1 while also laying down foundations for future growth initiatives in Digital and Vietnam,” said MAPA corporate secretary Ratih D. Gianda in a statement received on Thursday. (bbn)