Metro Retail Stores Group Inc.'s net income up 82% in first 3 months of 2017

CONTINUING its net income growth momentum in 2017, Metro Retail Stores Group, Inc. (MRSGI) has reported a bottom line of Php96M for the 1st quarter of the year, registering a 82% increase over the same period in 2016.

The company disclosed that its gross profit grew another Php137M in the first quarter of 2017 from the Php1.46B booked for the same period last year, and a 4.7% growth in all stores sales.

MRSGI's 1st quarter 2017 sales growth was bolstered by the performance of the four new stores opened in 2016, as well as the promotion of fresh products and assortment in stores post-Christmas season.

"We were able to carry the strong bottom line momentum in the fourth quarter of 2016 to the first quarter of 2017," said MRSGI chairman and chief executive officer Frank S. Gaisano. “We have had consistent growth in our overall sales and same stores sales in the last four of five quarters. While we are focused on both sales and net income, we continue to see faster improvement in the productivity of our sales as evidenced by the faster growing net income.”

"We will continue to ramp up various sales, margin and operational initiatives to allow us to better serve our expanding market and optimize the returns on our sales," Gaisano said.

The company continues to pursue its expansion strategy. In 2016, MRSGI added four stores with 37,000 sqm of Gross Floor Area (GFA), which brought the chain to 50 stores totaling 440,000 sqm of GFA by end-2016.

On April 28 of this year, MRSGI opened its 51st store with a supermarket in Canduman, Mandaue City enhancing further the shopping convenience of Metro customers in Cebu.

This year, MRSGI is celebrating its 35 years of retail operations, further cementing its position as one of the leaders in the Philippine retail industry.

MRSGI is a subsidiary of Vicsal Group, which includes Wealth Bank, which is jointly owned with Woori Bank, Korea's second largest bank; Taft Properties; and HT Land, a joint venture between Taft and Hong Kong Land. (PR)