After a dip in earnings in 2018 due to a fire that gutted its building at the Cebu Business Park, Cebu-based retailer Metro Retail Stores Group, Inc. (MRSGI) reported a 56.6% growth in net income in the first half of 2019.
A company statement said this came from pre-tax core income of P393 million and proceeds from an insurance claim of P372 million.
Revenues went up by 10.7% as new stores were opened and the Metro Supermarket at the fire-sticken building in Cebu was reopened.
Its latest new store is the Metro department store and supermarket in Baybay City, Leyte, which was opened last July 30.
This brought the company’s network to 56 stores.
The company has also held groundbreaking ceremonies for the Metro Supermarket Sum-ag in Bacolod, Negros Occidental.
“Our focus has been to be able to deliver our well-loved core brands and unique finds to customers in underserved locations. We believe that by providing value-for-money shopping across our three different store formats -- department store, supermarket, and hypermarket – we will be able sustain our growth,” said MRSGI president and chief operating officer Manuel C. Alberto.
He said the company’s optimistic outlook is built on MRSGI’s deep roots and strong brand recognition in the Visayas. The company is the top retailer in the Visayas in terms of sales.
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MRSGI was recently hailed as the Most Outstanding Regional Retailer of the Year at the Outstanding Filipino Retailer Awards 2019 presented by the Philippine Retailers Association and the Department of Trade and Industry.
“Winning the Regional Retailer of the Year award underscores MRSGI’s Cebuano heritage and efforts in maintaining a strong presence in Visayas alongside its continued expansion in Metro Manila and Luzon,” Alberto said.
MRSGI said its store network serves more than 250,000 customers daily in key cities in Luzon, as well as in Central, Western and Eastern Visayas. (Ventures Cebu)