5 RETAIL NEWS CAPSULE PHILIPPINE RETAILING
SM Investments ’ profit jumps 27 percent despite rising inflation
Philippine retail and property giant SM Investments has seen significant growth in revenue , driven by increased foot traffic and customer spending – despite rising inflation .
SM Investments has reported a net profit increase of 27 per cent , at US $ 1.246 billion from January to June , versus $ 982 million in the same period last year .
The company ’ s retail division net income increased by 91 per cent to $ 342 million from $ 176 million during the previous period .
Frederic C DyBuncio , CEO at SM Investments , said strong retail activity and the return of crowds in malls helped boost the company ’ s financial performance .
Consolidated revenues rose 23 per cent to $ 11.656 billion in the first half , from $ 9.457 billion in the same period last year .
“ Despite rising inflation , we are encouraged to see shoppers ’ robust spending in the first half ,” remarked DyBuncio “ This is a bright spot in the Philippines and the region amid global headwinds .”
SM Retail reported revenues of $ 8 billion , up by 18 per cent from $ 6.75 billion during the same period last year .
Higher foot traffic and the returning vigor of customers in its retail stores and malls helped drive revenue growth , with renewed interest in shopping for fashion-related items and dining out in mall restaurants .
The corporation says it is further supporting this growth with its cost reductions , operations efficiencies , and strategic expansion .
“ This consumer-driven momentum brings more optimism moving forward as we keep innovating on our retail offerings to ensure an excellent shopping experience for the Filipino consumer ,” DyBuncio added .
( Inside Retail Asia , 08 / 04 / 2022 )
Metro Retail nets P218.9M in first half , remains hopeful of retail recovery
Metro Retail Stores Group Inc . ( MRSGI ) sustains its strong 2022 performance amid supply chain disruptions and elevated commodity prices induced by the ongoing threats of the Russia-Ukraine conflict and Covid-19 pandemic .
MRSGI capped its second quarter of 2022 with a net income of P185.6 million , which is reflective of the significant upward trend in the company ’ s sales .
This brings the net income in the first half of 2022 to P218.9 million , a significant reversal from the net loss of P181.9 million a year ago .
The company posted P8.9 billion net sales in the second quarter of 2022 , which is higher by 29 percent than the P6.9 billion net sales from the same period in 2021 .
To further strengthen the company ’ s footprint , MRSGI opened two new stores : Metro Paseo Supermarket in Cebu City and Metro Hilongos Supermarket in Leyte , bringing its current store network to 62 .
“ The positive results in the first half of this year set Metro Retail Stores on a strong trajectory as the Company celebrates forty years in retail operations this year ,” said MRSGI president Manuel Alberto .
“ While we remain cautious of the current domestic and global risks , we continue to be hopeful for a better outlook in the coming months as opportunities for recovery and growth present themselves .”
( Yahoo News , 08 / 12 / 2022 )