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SM Retail has announced Q1 results for the period ending 31 March 2019, with total revenue up 13% to PHP79.0bn.
The food side of the business continued to see strong growth during the period, driven by positive like-for like sales in existing stores, as well as the opening of 1 SM Supermarket, 1 Savemore and 52 Alfamart stores. Although the retailer didn't open as many new stores in the quarter as it has done historically, it still plans to open 2 SM Supermarkets, 13 Savemore stores, 1 SM Hypermarket, 8 WalterMart stores and approximately 150 additional Alfamart stores throughout the rest of 2019.
The food side of the business at the end of Q1 operated 57 SM Supermarkets, 194 Savemore stores, 53 SM Hypermarkets, 52 WalterMart stores and 578 Alfamart's. Alfamart's rapidly expanding footprint is of particular interest, with sales from the format resulting in PHP2.8bn of revenue during Q1. The retailer is actively searching for new sights around the perimeter of Metro Manila, looking to build scale and market concentration in this area as a priority.