Metro Retail Stores Group Posts P204.7 Million Net Income in 9M24

Metro Retail Stores Group, Inc. (MRSGI) achieved growth of 4.2% in net sales for the first nine months of 2024 at P27.6 billion versus P26.5 billion in 2023, reflecting modest but sustained contributions from the Company’s existing network and its continued store expansion efforts. Third-quarter net sales remained stable at P9.56 billion amid lingering inflationary pressures and cautious consumer spending.

​Blended same-store sales for the nine-month period increased by 1.5% versus last year; driven by food retail which grew by 5.8% in the first nine months of 2024, while general merchandise dipped slightly by 1.2%.

Gross margin in the first nine months of 2024 was slightly lower at 21.1% from 21.7% a year ago as the company cleaned up ageing stocks. However, the Company realized a decrease in operating expense to sales ratio from 20.5% last year to 20.2% in 2024 through tighter cost control and efficiency measures which included greater use of solar panels in key locations.

As a result, MRSGI’s cash earnings generated (earnings before interest, taxes, depreciation, and amortization or EBITDA) for the nine-month period remained relatively stable at P1.29 billion.

Due to increases in non-cash charges associated with the Company’s expansion program, net income in the first nine months of 2024 declined by 19.6% to P204.7 million from the prior-year period’s P254.6 million.

MRSGI recently opened five stores in the last two months in the provinces of Samar, Leyte, and Cebu – increasing the Company’s network size to 69 stores, and registering encouraging sales trends in these new locations. The company also continued to grow its home retail footprint.

“The results of our first nine months with sustained cash earnings reflect the Company’s resilience as we navigate the evolving retail landscape,” said MRSGI President and COO Manuel Alberto. “Moving into the final quarter, we remain focused on adapting to market conditions, finding new strategic opportunities, and realigning our priorities to ensure we end the year on a more positive note and to gain momentum for 2025.”

To date, Metro Retail operates a total of 69 branches across Luzon and the 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 also provides online shopping services through shopmetro.ph, allowing customers to choose between home delivery or pick-up at the nearest Metro Store.