Oct 22, 2010

MAPI to provide Payless ShoeSource

Publicly listed giant retailer PT Mitra Adiperkasa Tbk (MAPI) is aiming to provide Payless ShoeSource in Indonesia next year.
In a public statement filed to Indonesia Stock Exchange (IDX) today, Mitra Adiperkasa also has an opportunity to expand Payless ShoeSource chain in Singapore and Malaysia.
Payless ShoeSource is licensed concept from US focusing on shoes and accessories products. Payless ShoeSource networks are adopted by 4,500 outlets in the world.
Mitra Adiperkasa manages four main business such as department stores, specialty stores, food and beverage, and others.
In the department stores segment, Mitra Adiperkasa manages Sogo, Seibu, Debenhams, Lotus/Java. In the specialty stories, consisting sports, fashion and lifestyle, and chilren, MAPI manages famed brands such as Zara, Next, OshJOsh B'Gosh, Kipling, and others.  Licenses of Starbucks Coffee and Burger King are run by Mitra Adiperkasa.
In the first half of 2010, Mitra Adiperkasa posted Rp2.15 trillion net revenue, a 9.4% increase from Rp1.96 trillion a year earlier.
Gross profit rose 12.2% from Rp954 billion in 1H 2009 to Rp1.07 trillion in 1H 2010, while gross margin slightly increased from 48.6% to 49.9% in 1H 2010.
The retailer's operating income jumped 51.7% from Rp123 billion in 1H 2009 to Rp186 billion in 1H 2010. In return, operating margin went up from 6.2% to 8.7%. Bottom line abated 12.9% from Rp115 billion in 1H 2009 to Rp100 billion in 1H 2010.

Disclosure: No position at the stock mentioned above.

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