Metro Retail Stores Group Inc. (MRSGI) profit last year dipped 32.6 percent to P618.0 million from P917.3 million.
Sales grew 0.4 percent to P38.3 billion from P38.1 billion.
“Comparable same-store sales growth ended flattish with a 0.8 percent dip, largely owing to a decline in wholesale business contribution,” it said.
“By business, general merchandise maintained its positive momentum after strong growth in 2022, increasing by 4.7 percent driven by apparel, electronics, appliances, and travel gear. Food retail slightly declined by 1.2 percent due to bulk wholesale business scaling down versus last year. Excluding bulk transactions, food retail sales continued its expansion at 6.2 percent,” the company added.
Manuel Alberto, MRSGI president, said the company remains focused on “offering improved services to customers and better returns to stakeholders underpinned by its strategic initiatives to bolster growth and stability in 2024 and onwards,”
MRSGI unveiled its neighborhood minimart Metro Value Mart in Gen. Trias, Cavite and opened of two new Metro Supermarkets in Lapu-Lapu City, Cebu and Alangalang, Leyte last year. It started undertaking renovations in its flagship stores to modernize the look and feel of its stores and refresh the merchandising brand aligned with the evolving shopper’s needs.
“MRSGI introduced the new and improved Mareng Ems Program in 2023 to enhance collaborations and provide a comprehensive support system for businesses primarily sari-sari stores and hospitality businesses. In addition, MRSGI revamped the ShopMetro online channel and launched its own mobile app under the same brand which primarily drove the double-digit growth in its e-commerce business,” Alberto said.
Alberto added the inauguration of the Metro Distribution Center in Sta. Rosa, Laguna earlier this year strengthens the company’s logistics system and lays the foundation for expansion pipeline throughout Luzon in the coming years.
