Metro Retail Stores exceeds pre-pandemic net income in 2022

Metro Retail Stores Group Inc. (MRSGI) saw its bottom line exceed pre-pandemic levels in 2022, driven mainly by the resumption of economic activity as the government eased COVID-19 restrictions put in place the year before.

In a regulatory filing, MRSGI reported a net income of P917.3 million, reflecting a turnaround of P318.1-million loss in 2021. It is also 18.3% higher than the P775.6-million net income in 2019.

The firm reported P38.1 billion in sales for the year, 22.1% higher than the P31.2 billion in 2021, with record sales seen in the fourth quarter as consumer spending picked up. Blended same-store sales growth stood at 19.2%.

“Amid the price pressures and supply chain challenges, the full reopening of businesses and improvement in labor market conditions primarily drove the growth in consumer confidence since the pandemic,” MRSGI said.

The general merchandise business jumped 54.3% while food retail climbed 13.1% from the previous year, as the company added two new supermarkets to end 2022 with 62 stores.

“MRSGI was able to display its resilience—registering consistent encouraging performance across all quarters and ultimately closing the year with positive results,” MRSGI president and chief operating officer Manuel Alberto said.

“MRSGI marked this year as its leap from the net loss incurred during the pandemic to delivering a buoyant financial outcome. And we look forward to sustaining this growth in the coming years,” he added.

MRSGI’s businesses are divided into three complementary retail formats: the Metro Supermarket and Metro Fresh N Easy supermarkets; Metro Department Stores; and Super Metro hypermarkets.

Shares in the company closed Wednesday at P1.40 apiece. — Jon Viktor D. Cabuenas/BM/VBL, GMA Integrated News