Metro Retail Stores Group Inc. (PSE: MRSGI) recently concluded its Annual Shareholders Meeting held in Mandani Bay, Mandaue City, Cebu, attended by MRSGI’s directors, top executives, shareholders, and business partners.
MRSGI chairman and CEO Frank Gaisano reported that the company capped 2018 with a net profit of PhP965.4 million. Its financial health remains upbeat on the back of steady same-store growth at 5.1% and gross profit margins increasing 200 basis points over the last two years. Its total sales stood at PhP33.05 billion, reflecting a 5.6% dip versus the previous year due to a fire incident that occurred in early 2018. He attributed the company’s positive performance to its agile business strategies and improvements in inventory and margin productivity, price competitiveness and merchandise assortment.
Gaisano expressed, “We are in an auspicious position to boost our earnings this year as we continue to seize opportunities given the vibrance of the country’s retail sector and overall economic strength, as well as robust domestic demand.”
On the other hand, MRSGI President and COO Manuel Alberto emphasized that amid the challenges encountered in the past year, the company intensified its presence in emerging business hubs in Luzon and Visayas, with the ground breaking of Super Metro Hypermarket in Leyte and the opening of Metro Department Store and Supermarket in Ayala Feliz, Pasig and Ayala Capitol, Bacolod.
On the second half of 2019, the company aims to complete the final phase of the redevelopment of its stores in Ayala Center, Cebu to better serve its loyal patrons in the area. It will also spearhead a mix use development incorporating another Metro Department Store and Supermarket in Samar. Alberto said the opening of more Metro stores is a top priority.
“The company’s strength is rooted in our enduring drive to make our customers happy and yield returns for our shareholders. This is also what empowers us through trying times. We recognize the role of our strategic alliances in expanding our store network. As we set our sights on higher goals, we forge ahead with the theme we have set forth for 2019 – growth through operational excellence and quality customer service. We are fully committed to deliver our value proposition,” Alberto concluded.
Currently, MRSGI operates 13 department stores, 28 supermarkets and 13 hypermarkets. The Cebuano multi-format retailer will soon be celebrating its 37th year in the industry.