Metro Retail posts 20% profit hike in 2015

MANILA, Philippines – Metro Retail Stores Group Inc. (MRSGI), the largest retailer in the Visayas, posted a net income of P758.6 million in 2015, 20.6 percent higher than the year before.

MRSGI’s net sales grew 13.9 percent to P32.3 billion, driven by the strong performance of its hypermarket, department store and supermarket formats.

EBITDA went up 18 percent to P1.49 billion as operating expenses declined.

The company said 2015 was an exceptional year as it saw the expansion of its store network to 46 comprising of 24 supermarkets, 12 hypermarkets and 10 department stores.

During the year, MRSGI partnered with property giant Ayala Land Inc. for the establishment of its department stores in four new Ayala commercial developments in Bacolod, Negros Occidental, Iloilo, Cebu and Pasig City.

MRSGI purchased from the Ayala Land/SSI group two Wellworth department stores located at Fairview Terraces Mall and UP Town Center Mall, both located in Quezon City.

Frank Gaisano, chairman and CEO of MRSGI, expressed optimism that 2016 would be another banner year for the company.

 “I believe that 2016 will be another record year for MRSGI, being well on track with our store expansion and logistics efficiency initiatives to support our goal of doubling our footprint in the next five years,” he said.

MRSGI expects to continue with its enhancement plans, from consistently expanding its offering to deliver relevant products and services to its customers to investing in its people and organization to create a stronger, more capable MRSGI from within.

“These strategic initiatives will enable MRSGI not only to achieve our financial goals, accelerate growth and increase operational efficiency but more importantly elevate the quality of service we provide to our loyal customers,” Gaisano said.