SM Retail Inc. reported a full year 2011 net income of Php5.8 billion, up 3% compared to 2010. Total sales for the group grew 9% to Php148.2 billion. Its continued expansion, particularly through new SaveMore branches, remains a key driver of the group’s performance as another 25 new branches were opened in 2011 from 14 the previous year.
SM Retail opened 34 new stores in 2011, for a total number of 169 stores by the end of the year. The total consists of 41 department stores, 33 supermarkets, 65 SaveMore branches, and 30 hypermarkets.
Store expansion in 2012 will continue to focus on the provinces for the anchor stores located in the malls, while SaveMore will see its number of stores growing by 30 to 40 stores nationwide.