Metro Retail income drops to P618 million

LISTED Metro Retail Stores Group, Inc. recorded a 32.6% decline in its net income to P618 million last year from P917.3 million in 2022, mainly due to macroeconomic challenges, the company said on Wednesday.

The company’s sales grew by 0.4% to P38.3 billion from 38.1 billion in 2022 despite inflationary pressures that affected consumer spending, Metro Retail said in a stock exchange disclosure.

Metro Retail said its comparable same-store sales growth slipped by 0.8% due to a decline in wholesale business contribution.

By business, general merchandise increased by 4.7% driven by apparel, electronics, appliances, and travel gear; food retail declined by 1.2% due to bulk wholesale business scaling down versus last year; and food retail sales expanded by 6.2%.

“Even with the challenged outturn, Metro Retail reiterates its commitment of offering improved services to customers and better returns to stakeholders underpinned by its strategic initiatives to bolster growth and stability in 2024 and onwards,” Metro Retail President and Chief Operating Officer Manuel C. Alberto said.

Metro Retail’s expansion continued with the launch of its neighborhood minimart Metro Value Mart in General Trias, Cavite and opening of two new Metro Supermarkets in Lapu-Lapu City, Cebu and Alangalang, Leyte.

The company added that its growth will be supported by the recent inauguration of the Metro Distribution Center in Sta. Rosa, Laguna last quarter.

On Wednesday, Metro Retail stocks declined by 1.41% or two centavos to P1.40 per share. —