Metro Retail Stores record P658M in first 9 months
CEBU-BASED retailer Metro Retail Stores Group (MRSGI) reported earnings of P658 million in the first nine months of 2019.
Earnings for the three quarters increased by 44.5 percent versus prior year coming from pre-tax core income of P561 million and proceeds from insurance claims of P372 million.
Its net sales posted a 10.9 percent growth versus a year ago with the opening of new stores and the re-opening of Metro Supermarket in its Cebu flagship store, in addition to growth in same store sales of 2.5 percent.
The solid performance of Metro in Ayala Center Cebu demonstrates the resilience of the store chain as it celebrates its 37th year.
Overall, MRSGI’s increasing network in Visayas as well as 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.
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 Bacalod, Negros Oriental.
“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 chief executive officer Frank Gaisano.