Gaisano stores profit up 70% to P53M last year

The Gaisano group’s Metro Retail Stores Group Inc.’s (MRSGI) net income after tax grew to P52.8 million, up 69.2 percent from P31.2 million in 2015. 

Without interest income from both periods, net income growth is at 18.3 percent for the first quarter of 2016.

Driven by strong same stores sales growth of 7.4 percent, MRSGI, the largest retailer in the Visayas, posted a 9.7-percent all-stores growth in net sales for the first three months of 2016.

“Building on our robust growth last year, our strong start for 2016 demonstrates our continued commitment to deliver more value to our customers and shareholders,” said MRSGI Chairman and CEO Frank S. Gaisano, who added that the company continues to expand both its store network and its logistics and supply chain facilities. MRSGI recently opened a hypermarket in Calbayog City in Eastern Visayas, as well as two department stores in UP Town Center and Fairview Terraces in Quezon City, bringing its store network to 49—representing 24 supermarkets, 13 hypermarkets, and 12 department stores. MRSGI previously acquired department store assets from SIAL Specialty Retailers Inc., a joint venture between Ayala Land, Inc. (ALI) and Store Specialists Inc. (SSI), and is set to open another department store in Fairview Terraces Mall, also in Quezon City.

MRSGI has also entered into a partnership with ALI for the establishment of its stores in four new Ayala commercial developments—a department store and supermarket in Capitol Central in Bacolod City, Negros Occidental; a supermarket in The Shops at Atria in Mandurriao, Iloilo City; a supermarket in Central Bloc in Cebu City; and a department store and supermarket in the Ayala Malls Feliz in Pasig City. RIZA LOZADA