Metro Retail Stores Group net income doubles in first 9 months

November 13, 2017 - 9:10 PM
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Logo of Metro Retail Stores Group. FROM PHIL. RETAILERS ASSOCIATION WEBSITE

MANILA – Metro Retail Stores Group, Inc. (MRSGI) has reported posting net profit of P550 million or a 100% growth over last year, and sales of P24.4 billion, representing 2.9% growth for the first nine months of 2017.

“We are encouraged by our overall results,” said MRSGI Chairman and Chief Executive Officer, Frank S. Gaisano. “This shows the effectiveness of our business strategy which continues to improve our profitability. Our increasing gross margins are direct results of merchandising improvements and investments in operational efficiencies,” added Gaisano.

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.