HOMEGROWN Cebuano retailer Metro Retail Stores Group Inc. (MRSGI) registered a positive first quarter performance this year with a net profit of P148.8 million, posting a 65 percent surge over last year’s earnings of ₱90.2 million.
Net sales grew by 10.9 percent at ₱7,728.4 million versus ₱6,967.8 million for the same period last year.
The increase has been attributed to the opening of three new stores in the second half of 2018 and the re-opening of Metro Supermarket Ayala Center Cebu. Same store sales also grew by 3.8 percent for the same period.
The overall strong figures also reflect the continued implementation of the company’s margin enhancement plan that includes among others, negotiation with suppliers, improvement of share to business of outright sales, and rationalization of sales to resellers.
“After a particularly challenging 2018, we are highly motivated to accelerate our growth momentum this year. We are aggressively rolling out our expansion plans and fortifying our key operational processes to sustain and boost our profitability throughout the year,” MRSGI chairman and CEO Frank Gaisano said in a statement.
Gaisano also said the company draws optimism and confidence on the country’s positive economic growth trajectory and strong performance of the retail sector, citing the downtrend in inflation and robustness of consumer spending.
“We are seeing favorable conditions that will bring about vast opportunities for our business. But fundamentally, our foothold is grounded on our reliability as provider of our customers’ day-to-day essentials. They have come to rely on us for their needs, appreciating our efforts in offering a wide selection of quality merchandise at affordable prices. We value this trust and we promise to deliver,” Gaisano added.
For more than three decades, MRSGI has served Filipino consumers through its 54 stores spread across Central, Western and Eastern Visayas as well as in Central Luzon, Metro Manila and South Luzon. It has three store formats comprising a department store, a supermarket and a hypermarket. (PR)