MRSGI posts P454 mil­lion profit

Sun.Star Cebu - - BUSINESS - ED­I­TOR: MIA ABELLANA-AZNAR / maaz­nar@sun­

Cebu-based re­tailer Metro Re­tail Stores Group Inc. (MRSGI) main­tains solid bot­tom line fig­ures as it reg­is­tered pos­i­tive per­for­mance in the first nine months of 2018 with a net profit of P454 mil­lion.

Nine-month earn­ings dipped by 17.3 per­cent per­cent ver­sus the prior year, mainly due to the fire that dam­aged a depart­ment store and su­per­mar­ket in Ayala Cen­ter Cebu ear­lier this year. None­the­less, the rest of the stores re­main pos­i­tive and have ex­ceeded the prior year’s per­for­mance, on the back of strong same-store sales growth and mar­gins en­hance­ment.

For the first nine months, the com­pany achieved same-store sales growth of 3.8 per­cent and 123 ba­sis points im­prove­ment in mar­gins ver­sus the pre­vi­ous year.

The com­pany posted P110.5 mil­lion in profit for the third quar­ter, reg­is­ter­ing same stores sales growth of 9.3 per­cent, the high­est in the past 10 quar­ters, and 30 ba­sis points im­prove­ment in mar­gins for the same pe­riod last year.

“Our pos­i­tive per­for­mance in the first nine months and for the third quar­ter high­lights the ef­fi­cacy of our busi­ness strate­gies that is de­fined by in­ven­tory and mar­gin pro­duc­tiv­ity, price com­pet­i­tive­ness and mer­chan­dise as­sort­ment,” said MRSGI chair­man and CEO Frank S. Gaisano.

Now on its 36th year of op­er­a­tions, MRSGI is on track in at­tain­ing the goal of dou­bling its 2015 gross floor area by 2020. /

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