Metro Retail Stores Group, Inc. (MRSGI) maintained its growth momentum with a net income of P400.7 million for the first nine months of 2022, a turnaround from a P306.4 million pandemic-driven net loss in 2021.
Quarter-on-quarter, MRSGI recorded a P181.8 million net income, versus the P124.5 million net loss in 2021, on the back of pent-up domestic demand and full economic reopening.
The company’s net sales in the third quarter of 2022 showed a year-on-year increment of 21.5 percent to P9.1 billion as store traffic continued to pick up. This brings MRSGI’s net sales to P26.5 billion in the first nine months of the year, up by 24.5 percent fromP21.3 billion in 2021.
With the recovery in discretionary spending of consumers, the company’s general merchandise business significantly grew over the first nine months of 2022 by 58.6 percent versus the same period last year, while food retail increased by 15.9 percent. This brings the blended same store sales growth to 22.3 percent for the three-quarter period.
