MRSGI earnings dip by 1.4% on expansion expenses
Metro Retail Stores Group Inc. INQUIRER FILES
MANILA, Philippines — Metro Retail Stores Group Inc. (MRSGI) saw a 1.4-percent dip in its 2024 earnings, which settled at P609.42 million, due to expansion-related costs.
The Gaisano-led group disclosed to the stock exchange on Wednesday that its net sales for the year reached P39.62 billion.
This meant an increase of 3.5 percent thanks to gains from the food retail business, which grew by 4.9 percent.
Meanwhile, same-store sales barely moved as it registered a 0.5-percent growth.
The flat performance was due mainly to MRSGI’s move to scale down low-margin transactions last year.
“In 2024, MRSGI showed its capability to achieve balanced growth,” MRSGI president and COO Manuel Alberto said in a statement.
“We expanded our network and increased net sales while maintaining a focus on operational efficiency.” Alberto said.
Expansion
READ: Metro Retail launches 2 projects in Visayas
Last year, MRSGI opened eight new branches in the provinces of Samar, Negros and Cebu, widening its network to 71 stores.
The company’s store formats include Metro Supermarket, Metro Department Store, Super Metro Hypermarket and Metro Value Mart—which are mostly in the Visayas.
It likewise ventured into the home improvement sector, with the new format already offered in the provinces of Pampanga, Negros Occidental and Samar.
Last year, MRSGI opened its 3-hectare Metro Distribution Center in Laguna province, paving the way for its five-year expansion plan in Luzon.
The distribution center is currently capable of handling up to 25,000 cases daily for both inbound and outbound processes. This translates to a maximum throughput of 1.5 million cases a month.
