Metro Retail Stores Group Inc. (MRSGI) recoded a 16-percent decline in profit in the first quarter to P50.3 million from P60 million in the same period last year.
Sales hit P8.7 billion, up 4.8 percent from P8.3 billion the prior year and the highest first quarter sales since it listed in 2015.
Same -store sales grew 2.8 percent.
“By business, food retail increased by 7.9 percent versus last year on strong sales of basic groceries. General merchandise edged down by 2.9 percent amid the spending constraint on discretionary items due to persistent high inflation,” the company said.
MRSGI said given the reduced share to business of general merchandise, its blended gross margin slightly declined to 20.8 percent from 21.9 percent in the same period last year.
“The company improved its operating efficiency on the back of its cost-saving and optimization initiatives, trimming operating expense to sales ratio to 20.4 percent versus the prior year’s 21.0 percent,” it said.
Earnings before interest, taxes, depreciation, and amortization hit P389.2 million, down 5.1 percent from P410.2 million last year.
MRSGI recently inaugurated its 10-hectare Metro Distribution Center in Sta. Rosa, Laguna that aims to strengthen its logistics system and lays the foundation for the expansion pipeline throughout Luzon in the next few years.
