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SM Stores sales bounce back in Covid’s wake

With community restrictions recently lifted in the Philippines, the SM Retail business has bounced back, with the company saying it has seen a resurgence of customers in its SM Stores.

The store’s fashion category, which includes beauty, clothing, shoes, and accessories, reached 95 per cent of pre-pandemic sales during the second quarter.

The company has reported an increase of 18 per cent in revenue to US$2.86 billion (PHP163.3 billion) during the first six months of this year and a growth of 91 per cent to $122.4 million (PHP7 billion), in profit which the company credited to optimised cost efficiencies across all retail formats.

Dhinno S Tiu, SM Store executive VP for operations and sales support, said the surge was driven by “energised spending” as the economy reopened.

During the pandemic, the Philippine department store giant said the trends leaned towards comfortable lounge garments and activewear as most people stayed indoors to work or study from home.

With the return of face-to-face classes, the company reported an increase in demand for school essentials such as uniforms, shirts, shoes, and stationery.

“To meet this vibrant demand, we ensure that we provide relevant and up-to-date merchandise and constantly innovate to address the Filipino shopper’s ever-changing needs,” said Tiu.

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