LISTED retailer Metro Retail Stores Group, Inc. said Thursday its net income for the first half of this year grew 53 percent on the back of its expanded market coverage, underpinned by strong domestic consumption amid a growing economy.
Metro booked a net income of P401 million for the first six months, up 53 percent from the P262 million registered in the same period last year.
“We are encouraged by our overall first semester results. This shows that our expanding market coverage continues to improve our underlying consumer business, backed by our investments in operational and merchandising efficiencies that further resulted to stronger margins and earnings growth,” Metro Chairman and Chief Executive Officer Frank Gaisano told the Philippine Stock Exchange.
“Strong domestic consumption and the growth of our economy will continue to be a boon to the retail sector,” he added.
“We will continue to leverage on the opportunities this presents and make targeted investments throughout the balance of this fiscal year in order to achieve a stronger brand presence for Metro that will benefit more consumers and our stakeholders.”
Maintaining the trend, Metro has advanced on its expansion strategy by recently opening its 52nd store in Tagaytay City on the heels of another newly opened establishment in Canduman, Mandaue City in the province of Cebu.
Metro said it is further strengthening its presence in the Visayas region with the recent groundbreaking of three more branches that will be located in primary commercial hubs in Central and Eastern Visayas.
To date, Metro operates 52 stores in Central, Western and Eastern Visayas as well as in Central Luzon, Metro Manila and South Luzon with three store formats–department store, supermarket and hypermarket.