Metro Retail income reaches P789m
Cebu-based Metro Retail Stores posted P789 million (US$15.7 million) net income last year, up from P758 million in 2015.
Net sales for the fourth quarter grew 7.4 per cent to P10.67 billion, reports the retailer, part of the Gaisano Malls group.
Sales grew steadily during the quarter, says the Visayan retailer, with overall net sales hitting P34.4 billion for the year, up by P2.1 billion.
During the year the company ramped up its supply chain and logistics modernization program. It inaugurated a warehouse in Cebu, and bought delivery trucks equipped with tracking devices.
Chairman/CEO Frank Gaisano says the company is looking to sustain this growth trajectory this year, with initiatives in place to boost sales and improve store-by-store profitability.
The company has a 50-strong store network – 25 supermarkets, 13 hypermarkets and 12 department stores.