MRSGI doubles earnings to M

Metro Retail Stores Group, Inc. (MRSGI) of the Gaisano family doubled its net profit to R550 million in the first nine months of the year as sales grew 2.9 percent to R24.4 billion.

“We are encouraged by our overall results. This shows the effectiveness of our business strategy which continues to improve our profitability,” said MRSGI Chairman and Chief Executive Officer Frank S. Gaisano.

He added that, “our increasing gross margins are direct results of merchandising improvements and investments in operational efficiencies.”

MRSGI said it is on track to meeting its commitment to doubling its gross floor area by 2020 since the company’s public listing two years ago.

MRSGI now operates in 52 stores in Central, Western, and Eastern Visayas as well as in Central Luzon, Metro Manila, and South Luzon, with three store formats comprising a department store, a supermarket, and a hypermarket.(JAL)