Store, wholesale App expansion propel MerryMart earnings

 
 
MerryMart Consumer Corp. said Wednesday its continued network expansion and exponential growth of its wholesale super app drove double-digit in both revenues and net income in the first nine months of the year.
 
MerryMart said net income rose nearly 20 percent year-on-year to P50.8 million while revenue surged 27 percent to P5.79 billion. Total assets at the end of September reach P10.95 billion, up 30 percent year-on-year.
 
It said its wholesale app already has 190,000 registered users, with over 14,000 grocery products to choose from. MerryMart Group’s various formats include MerryMart Express, MerryMart Market, MerryMart Grocery, and MerryMart Wholesale.
 
“As we enter the busiest season of the year for the retail industry, we maintain our focus in strengthening the backbone of our business operations as we enhance and further automate our supply chain,” said MerryMart chairman Edgar “Injap” Sia II. 
 
“We look forward to rolling out more distribution centers across the country in the coming months to expand the service areas of MerryMart Wholesale as well as support the continuous opening of our brick and mortar retail stores nationwide,” he added.
 
MerryMart has a so-called Vision 2030, which aims to build a store network of 1,200 branches nationwide that could generate P120 billion in recurring sales.