Metro Retail Stores net income jumps 82% in Q1

Gaisano-led Metro Retail Stores Group Inc. (MRSGI) booked a net income of P96 million in the first quarter of the year, up 82 percent from P53 million a year earlier.

Gross revenue stood at P8.030 billion, up 4.7 percent from P7.67 billion, the supermarket and department store chain disclosed to the Philippine Stock Exchange o Friday.

MRSGI said growth was bolstered by the performance of the four new stores that opened last year, as well as the promotion of fresh products and assorted items in stores post-Christmas season.

"We were able to carry the strong bottom line momentum in the fourth quarter of 2016 to the first quarter of 2017," MRSGI Chairman and CEO Frank Gaisano said.

In 2016, MRSGI added four stores with 37,000 sqm of gross floor area (GFA), which brought the chain to 50 stores totaling 440,000 sqm of GFA.

Late last month, the company said it opened its 51st store in Canduman, Mandaue City, Cebu. — Ted Cordero/GMA News