Net income nearly doubled at the Indonesian multi-banner retailer to IDR693,271 million ($49.0 mm) in 2019 from IDR353,321 million, on a 19% gain in sales to IDR7,447,321 million ($526.4 mm) up from IDR6,245,547 million, including +8.5% same store sales. Overall gross margin narrowed by 60 basis points to 44.7%, while SG&A was up 20 b.p. as a percent of sales. MAPA’s retail segment accounted for 89% of revenues, and sales increased 22% to IDR6,597,786 million with a gross margin of 39.6%, up 120 b.p. despite supply chain shortages of fast selling items in Q4. Sales at the smaller apparel manufacturing ... Log in to view full article.