METRO Retail Stores Group Inc. (MRSGI) reported profit of P204.7 million in the first nine months of the the year, down 19.6 percent from P254.6 million in the same period in 2023.
Sales grew 4.2 percent to P27.6 billion from P26.5 billion that MRSGI attributed to “modest but sustained” contributions from its existing network and its continued store expansion efforts.
“Blended same-store sales for the nine-month period increased by 1.5 percent versus last year; driven by food retail which grew by 5.8 percent in the first nine months of 2024, while general merchandise dipped slightly by 1.2 percent,” the company said.
Gross margin was slightly lower at 21.1 percent from 21.7 percent a year ago as the company cleaned up ageing stocks.
Earnings before interest, taxes, depreciation and amortization stood at P1.29 billion.
MRSGI opened five stores in the last two months in the provinces of Samar, Leyte and Cebu, increasing its network size to 69 stores.
To date, MRSGI operates a total of 69 branches across Luzon and Visayas under the store formats Metro Supermarket, Metro Department Store, Super Metro Hypermarket and Metro Value Mart.
“In line with its commitment to sustainable growth, MRSGI continues to aggressively expand its retail network,” the company said.
