Fire fails to dent Metro Retail Stores Group results
Metro Retail Stores Group has posted a 9.5 per cent increase in retail sales for the first half of this year.
And thanks to improved margins, the company also reported a P344-million (US$6.5 millon) profit for the period, despite a fire that damaged its department store and supermarket in Ayala Center Cebu early this year.
Metro Retail Stores Group operates 51 stores in Central, Western and Eastern Visayas, as well as in Central Luzon, Metro Manila and South Luzon. It has three formats: department store, supermarket and hypermarket.
Second-quarter earnings rose to P254 million, as same-store sales growth reached a nine-quarter high of 4.6 per cent.
“The year may have started on a challenging note, but our retail sales performance remains strong and this has allowed us to move forward with greater stability and confidence,” said chairman and CEO Frank S Gaisano.
“We started the re-building of our flagship store in Cebu, and we thank our loyal customers for their overwhelming patronage of our pop-up stores in the same mall. Rest assured that we are doing our best to accelerate the first phase of the store’s re-launch within the year,” he said.
“We are committed more than ever to achieving a stronger brand presence for Metro with our continued investments in the provinces and other strategic growth areas. More consumers will benefit from Metro as we cement our position as one of the leading and preferred retailers in the country.”