Newly-listed grocery chain operator MerryMart Consumer Corp. grew its net profit in the first quarter by 50.5 percent year-on-year to P8.35 million with the rollout of new stores that carried essential household goods during the ongoing coronavirus (COVID-19) pandemic.
Consolidated revenues in the first three months rose by 39.79 percent year-on-year to P794.91 million.
“This behavior-altering COVID-19 pandemic has made the MerryMart team realize the benefit of being light and nimble in dealing with this once-in-a-generation global pandemic. Being a new player in the industry, it will not have to face the major issue of reconfiguring a big complex structure because MerryMart has actually just started to build its foundation, and has the flexibility to mold its expansion masterplan according to the new normal that we all continue to decipher as we move forward,” MerryMart chair Edgar Sia II said in a press statement on Wednesday.
MerryMart opened four new branches during the first quarter of 2020 located in Calamba, Ayala Malls Manila Bay, Mayombo (Dagupan City) and Sorsogon, bringing its store network to seven so far.
The company expects to open 18 additional branches before the end of the year, bringing its total targeted branch network to 25.
By the third quarter of this year, MerryMart aims to launch its online delivery platform, which is expected to carry the “most relevant” branded household essentials.
By 2030, MerryMart aims to have 1,200 branches nationwide that will provide P120 billion in annual systemwide sales revenues.
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