With P658M earnings in 9 months, Metro Retail aims for strong finish to close year
CEBU CITY, Philippines — Cebu-based retailer Metro Retail Stores Group Inc. (MRSGI) is looking to close the year on a positive note.
This after the MRSGI reported earnings of P658 million in the first nine months of 2019, which was attributed to 44.5 percent increase of earnings in the three quarters as compared to the earnings of the same period last year.
The three-quarter earnings came from pre-tax core income of P561 million and proceeds from insurance claims of P372 million, said MRSGI in a statement.
The increasing network in the Visayas and retail sales performance of the Metro Retail Stores Group also contributed to the strong performance of the company.
“We are pleased that our network and retail sales performance remain strong despite various market challenges. We have moved into the year with confidence and we are looking to close 2019 positive and strong as ever.” said MRSGI Chairman and CEO Frank S. Gaisano in a statement.
By end of 2019, the company is set to open Metro IT Park Supermarket and the second floor of Metro Ayala Center Cebu, which is part of a multi-phase infrastructure rebuilding and restoration program.
In 2020, three stores are slated for opening, namely: Metro Danao Department Store and Supermarket in Danao City, Cebu; Metro Tacloban Department Store and Supermarket in Tacloban City, Leyte; and Metro Sum-Ag Supermarket in Bacolod, Negros Oriental.
The Metro Retail Stores Group’s strong sales performance showing a 10.9 percent of net sales for the nine months this year
The reopening of Metro Supermarket in its Cebu flagship store, which posted a 2.5 percent increase in net sales for three quarters, also contributed to the increase in the net sales of MRSGI, which grew by 10.9 percent for the period.
Aside from the increasing network in the Visayas, the other factors that contributed to the strong positive growth of the Metro Retail Stores Group in nine months this year included continued improvements in inventory and margin productivity, price competitiveness and merchandise assortment have contributed to the positive performance for the first nine months, coupled with favorable external economic factors such as low inflation and high consumer spending.
Meanwhile, the solid performance of Metro in Ayala Center Cebu showed the resilience of the store as it recently celebrated its 37th year.
“For 37 years, our company has evolved rapidly, thanks to the support of our stakeholders, customers, and employees. Marching into the future, we commit to delivering a strong performance, while helping elevate not only the shopping experience of Filipinos but also their quality of life with more sustainable practices that can positively benefit everyone,” Gaisano said in a statement./dbs
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