SM RETAIL has reported that its nine-month revenues logged P216.3 billion, down by 15 percent compared to the same period last year.
Retail net income decreased 73 percent at P2.2 billion from the previous period.
Notable is the performance of food retail. In the first nine months, food retail revenues grew 11 percent with Alfamart posting an increase of 27 percent in revenues.
Alfamart is slated to open its 1,000th store on Nov. 11.
Despite the challenges brought about by the pandemic, Alfamart is on track to open over 250 stores in 2020. (PR)