MerryMart net income up 26 pct in Jan-Sept on strong online sales amid pandemic

ABS-CBN News

Posted at Nov 16 2020 07:22 PM | Updated as of Nov 16 2020 09:40 PM

MerryMart net income up 26 pct in Jan-Sept on strong online sales amid pandemic 1
MerryMart Consumer Corp.

MANILA - MerryMart Consumer Corp said Monday its net income jumped 26 percent to P11.5 million in the first nine months of 2020 on strong e-commerce sales and conservative store expansion at the height of the pandemic.

Instead of aggressively opening stores during the pandemic, MerryMart expanded stores conservatively, and leveraged online channels and drive-thru to reduce rental costs.

The company observed gains as consolidated revenues for the January to September period increased 28 percent to P2.4 billion compared to the P1.9 billion it had last year.

"Just like Mang Inasal, MerryMart too is in a business where a certain level of volume and branch network coverage is needed to achieve optimum operational efficiency and effective consumer brand pull. For that reason, during the second half of this year, we continued to ramp up our team and equip and enhance the backend support of the company as it prepares to soon reach its desired execution velocity," said MerryMart Chairman Edgar "Injap" Sia II.

MerryMart currently has 18 operational branches to date and expects to open seven more this year to complete the 25-store target for 2020.

The company has various retail formats namely: MERRYMART Store, MERRYMART Market, MERRYMART Grocery, and the online Dark Grocery format.

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