Press Archives

PUBLICLY listed Metro Retail Stores Group Inc. (MRSGI) reported a growth of 23.7 percent in net income in 2017 over the previous year, on the back of the company’s well-planned and executed profitability-enhancement program.

In a disclosure with the local bourse, the firm said its net income reached P977 million last year, P188 million higher than the P789 million recorded in 2016.

Sales across all store formats also grew for the year ended December 31, 2017, aggregating to P35.016 billion.

This was 1.8 percent higher than the P34.411 billion recorded during the same period two years ago.

The increase in net sales was mainly because of the opening of a new hypermarket and a new supermarket.

Same-store sales was  -0.7 percent last year compared to the 2.8 percent made in 2016 due to lesser clearance sales and rationalization of sales to resellers, which were not profitable.

MRSGI Chairman and CEO Frank S. Gaisano said the retail chain’s growth could be attributed to the constant robust retail landscape and its initiatives to continuously improve operations.

“We were able to achieve our targets by properly executing our margin improvement, cost rationalization and sales programs,” he added.  “These were part of our margin enhancement efforts that led to higher net income growth.”

Gaisano noted they tie up with top developers in the country, focus on faster-growing areas and search for merger and acquisition opportunities to accelerate the sales expansion across their retail formats.

MRSGI bared its expansion with more stores to open this year as part of its goal to double its 2015 gross floor area (GFA) by 2020.

With a total of 52 stores at present plus those in the pipeline, the company has already covered 566,494 square meters of GFA, or 70.8 percent of its target.

Incorporated on August 28, 2003, MRSGI’s primary purpose is to buy, sell and trade goods, wares and merchandise of every kind and description and in general to carry on the business of a supermarket, hypermarket and department-store operator.

Its business is divided into three complementary retail formats, namely a supermarket format operated under the “Metro Supermarket” and “Metro Fresh N Easy” brand names; a department-store format operated under the “Gaisano Metro Department Store and Supermarket” brand name; and a hypermarket format operated under the “Super Metro” brand name.