, Philippines
Photo by cottonbro studio via Pexels

Metro Retail profit falls 16% in Q1 2024

The decline was attributed to narrower margins in general merchandise. 

Philippines' Metro Retail Stores Group, Inc. (MRSGI) reported a net income of $865.2 (PhP50.3m) for the first quarter of 2024, a 16% decrease from the same period last year. 

The decline was attributed to narrower margins in general merchandise. 

Despite this, MRSGI saw a 4.8% growth in net sales, reaching $149.7 (PhP8.7b), the highest recorded first-quarter sales since 2015. Food retail grew by 7.9%, whilst general merchandise declined by 2.9%. 

 MRSGI recently opened its Metro Value Mart in Brgy. Gun-ob, Lapu-Lapu City, bringing its total network to 64 stores. The company also initiated the development of five supermarkets in strategic areas in Cebu and Leyte, demonstrating its commitment to strengthening its foothold in the Visayas region.

ALSO READ: Here's why global apparel and footwear sales growth have slowed

Additionally, it inaugurated its 10-hectare Metro Distribution Center in Sta. Rosa, Laguna, aiming to bolster its logistics system. 

“Looking ahead to 2024, we are poised for growth with cautious optimism,” said  MRSGI President and COO Manuel Alberto. “Our strategic plans are geared towards calibrated expansion, enhancing our online presence, and continuing to modernize our stores.”

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

South Korea's dermocosmetics market ranks 6th globally
It has attracted competition from "concept-dermo," "dermo-inspired," and "pharma-dermo" brands. 
Fashion
Hydration products gain traction in APAC
It was driven by increased awareness of health concerns like global warming and modern lifestyles.
Suntory Holdings launches low carbon sugarcane farming project in Thailand
This supports the company’s goal to reduce greenhouse gas emissions by 30% across its value chain by 2030.
Suppliers

Exclusives

Embracing hyperlocal retailing in Indonesia
Retail Asia Forum in Jakarta delved on the complexities of implementing hyperlocal retail strategies in a country as diverse as Indonesia.
PT ABC President Indonesia touts retail with personalised digital campaign
COO Dwi Hatmadji showcases successful Gen Z and millennial engagement strategy at Retail Asia Forum 2024
What new brands need to succeed in Asian markets
Price sensitivity remains a critical factor especially in essential categories like food and beverages.
AI prompts fearless dive into corporate reinvention
Siam Piwat Group’s digital chief touts AI’s transformative power in boosting customer value, personalisation, and brand trust.
Technology