Metro Retail Stores Group Inc. returned to profitability with a net income of P33.3 million in the first quarter from P126.47-million net loss in the same period last year on increased foot traffic and improved consumer spending.
MRSGI said in a disclosure to the stock exchange first-quarter net sales jumped 23 percent to P8.51 billion from P6.92 billion a year earlier.
MRSGI said despite the Omicron variant surge in the early part of the year, it managed to grow its sales by 23.4 percent, following the opening of four new stores last year.
Rood retail and general merchandise businesses grew by 21.2 percent and 29.8 percent, respectively. Rental income also rose 27.4 percent to P49.3 million with the re-opening of non-essential tenants.
The company said it continued to improve operating efficiency as a result of the implementation of cost-saving measures and optimization initiatives.
“Our positive financial outcome attests to our continuous efforts in increasing efficiency, improving merchandise assortment and sourcing and expanding omnichannel strategy,” MRSGI president and chief operating officer Manuel Alberto said.
“As we head on to our recovery and growth, Metro Retail Stores will keep its thrust on putting customers at the center of its business. We will continue to offer a great shopping experience to our existing and future customers and pursue multifaceted initiatives to be positioned for progressive growth,” he said.
Metro Paseo Supermarket in Cebu City and Metro Hilongos Supermarket in Leyte opened to bring its total store network to 63.
The company said while it remains keen on expanding its brick-and-mortar network, particularly in underserved areas, it is also looking to expand its own e-commerce platform to boost online shopping. It also plans to create strategic partnerships with other online channels and logistics providers.