Philippines-based Metro Retail Stores Group Inc. (MRSGI) has revealed that net sales last year climbed 13.9% to PHP 32.3bn (US$697.3m), with profit growing 20.6% to PHP 758.6m (US$16.4m).
Robust performance in 2015
The Philippines’ fourth-largest retailer, MRSGI sees same-store sales rise 8.8%, driven by the strong performance of its hypermarket, department store and supermarket formats.
MRSGI’s chairman and chief executive officer, Frank S. Gaisano, said, “The year 2015 was an exception for MRSGI, marked by several milestones for the 33-year-old 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.”
Plan to open seven new stores
MRSGI will commence its five-year expansion program with the opening of seven stores by the end of 2016. The company raised nearly PHP 4bn (US$86m) from an IPO in November 2015, the majority of which will be used to fund the roll-out of new stores and acquisition of existing operators.
The retailer ended 2015 with 46 stores nationwide with 24 supermarkets, 12 hypermarkets and 10 department stores with a gross floor area of approximately 400,000 square meters.
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