SM RETAIL Inc., which consists of food and non-food stores, reported revenues of P378.2 billion in 2022 from P304 billion, up 24 percent.
Net income increased 86 percent to P17.9 billion from P9.6 billion.
Retail’s robust performance was lifted by the return to face-to-face schooling and a strong last quarter due to vibrant holiday spending.
The SM Store opened four new stores in 2022 in Cubao, Makati, Quiapo and Delgado. The food group, which includes SM Supermarket, SM Hypermarket, Savemore, Alfamart and Waltermart added 231 new stores in 2022.
By the end of the year, SM Retail added a total of 348 new stores across the entire portfolio for a total of 3,512 outlets, consisting of 72 The SM Stores, 1,611 specialty retail stores, 65 SM Supermarkets, 54 SM Hypermarkets, 215 Savemore, 82 WalterMart and 1,412 Alfamart stores. (PR)