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.

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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.”

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