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GAISANO-LED Metro Retail Stores Group, Inc. reported on Wednesday a 23.7 percent rise in net income last year on the back of a “well-executed” profitability strategy.

In a disclosure, Metro Retail said net income grew to P977 million versus the P789 million booked in 2016.

Total sales across all store formats also grew to P35 billion.

“We were able to achieve our targets by properly executing our margin improvement, cost rationalization, and sales programs. These were part of our margin enhancement efforts that led to higher net income growth,” Metro Retail Chairman and Chief Executive Officer Frank Gaisano said.

“We continue to partner with the country’s top developers, focus on faster-growing areas, as well as look into merger and acquisition opportunities to further accelerate the sales growth across our retail formats,” Gaisano added.

Metro Retail said it is targeting to double its 2015 gross floor area (GFA) by 2020 through the introduction of new stores across the country.

With the 52 stores currently in the network including those in the pipeline, the company has already covered 566,494 sqm GFA or 70.8 percent of its target.

Metro Retail debuted as a department store and supermarket in Cebu City. It is now present in Central, Western, and Eastern Visayas, as well as in Metro Manila and in Central and South Luzon. ANGELICA BALLESTEROS