Metro Retail nets P100.4M in H1

Metro Retail Stores Group Inc. (MRSGI) saw a decline in its net income for the first half of the year, as the company reported lower margins in the wholesale category and the unwinding of excess inventory during the period.

In an emailed statement, MRSGI said its net income after tax slipped to P100.4 million from P136.8 million last year, as its blended gross margin fell to 20.7% from 21.9%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) declined to P798.3 million from P802.5 million.

First-half net sales climbed 6%, with food retail up 7.9% while general merchandise was flattish at 0.9% against the previous year.

This comes as second-quarter same-store sales expanded by 4.7%, while EBITDA was 4.3% higher than the same quarter in 2023.

“With the improved momentum from the second quarter and going into the second half of 2024, the company continues to hold an optimistic outlook for the rest of the year on the back of improvement in sales growth, cost management, and the projected opening of new stores planned in the third and fourth quarters,” MRSGI president and chief operating officer Manuel Alberto said.

Metro Rail currently operates 64 branches across Luzon and Visayas under the store formats Metro Supermarket, Metro Department Store, Super Metro Hypermarket, and Metro Value Mart. It targets to have 160 stores by 2027. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News