SM Retail achieves 5 per cent boost in profit
SM Retail has achieved a first-quarter profit increase of 5 per cent to P2.7 billion (US$51.7 million).
Retail revenues in the first three months rose by 13 per cent year-on-year to P79 billion, while sales from specialty retail stores grew by the same percentage to P19.6 billion.
As at the end of March, SM Retail had 2385 stores, comprising 63 department stores, 1388 specialty retail stores, 57 SM Supermarkets, 53 SM Hypermarkets, 194 Savemore, 52 WalterMart and 578 Alfamart stores.
The figures were included in the quarterly report of SM Investments, which boosted its profit by 26 per cent to PHP10.7 billion (US$205 million).
The gains reflected improved sales from the retail business as well as its property and banking activities.
Consolidated revenues during the period were up 15 per cent year-on-year to PHP109 billion ($2.1 billion).
“We continued to deliver double digit growth to both our top and bottom line in the first quarter,” said SMIC president Frederic DyBuncio. “Performance was strong across our businesses, particularly for our banks.”