Gaisano family-led supermarket operator Metro Retail Stores Group Inc. saw sustained profit growth in the first nine months of the year as sales recovered from the pandemic slump.
Metro Retail said net income from January to September reached over P400 million, a reversal of its P306.4 million loss in the same period last year.
Company president and chief operating officer Manuel Alberto said their performance puts the firm on track to “achieve full recovery in 2022 and lay the foundation for sustainable growth in the coming years.”
“Alongside our goal to provide best-in-class customer experience through operational excellence, we are eager to return the unwavering trust and support of our stakeholders,” Alberto said in a stock exchange filing.
“Metro Retail will continue to gear up and find strategic opportunities to realize strong results this 2022 and an even better outlook in 2023,” he added.
For the third quarter alone, net sales expanded by 21.5 percent to P9.1 billion from an uptick in store traffic. This contributed to the 24.5 percent growth in net sales to P26.5 billion during the first three quarters of the year.
The supermarket operator said earnings were boosted by pent-up demand and the loosening of pandemic movement restrictions.
During the nine-month period, Metro Retail’s general merchandise business climbed 58.6 percent while food retail rose by 15.9 percent.
This also pushed up blended same store sales growth to 22.3 percent, excluding the damage caused by Typhoon “Odette” on Dec. 16 last year.
Metro Retail booked interest and other income of P178.8 million, nearly 235 percent higher than the prior year.