Fire scorches Metro Retail Stores Group profit
Metro Retail Stores Group has reported a decline in net income of 17 per cent to PHP454 million (US$8.63 million) within in the first nine months of this year.
The firm claims that a fire in one of its Cebu department stores early this year January, leading to a cease in operations, is responsible for the drop. At the same time, same-store sales growth for the firm grew by 3.8 per cent.
Metro Retail’s net income reached PHP110.5 million (US$2.1 million) during the third quarter.
Metro Retail chairman and CEO Frank Gaisano said the positive third-quarter performance highlights the efficacy of the business strategies, defined by inventory and margin productivity, price competitiveness and merchandise assortment.
Metro Retail operates 51 stores in the Philippines, with plans to continue expansion nationwide.