Cebu-based Metro retail posts P618 million net income in 2023

Business.(Business File photo)

FOR the full year 2023, Metro Retail Stores Group, Inc. (MRSGI) reported an aggregate net income of P618 million vs P917.3 million in 2022, a slippage of 32.6 percent.

In terms of core net income which excludes one-time gains such as accounting adjustment on leases and insurance claims in 2022, the company’s earnings were down only 18.4 percent versus the prior year’s recurring profit of P757.3 million. Despite the lingering inflation pressures affecting consumer spending and a high base in 2022, MRSGI sustained its sales level at P38.3 billion in 2023, a 0.4 percent growth from last year’s P38.1 billion.

Comparable same-store sales growth ended flattish with a 0.8 percent dip, largely owing to a decline in wholesale business contribution. By business, general merchandise maintained its positive momentum after strong growth in 2022, increasing by 4.7 percent driven by apparel, electronics, appliances, and travel gear.

Food retail slightly declined by 1.2 percent due to bulk wholesale business scaling down versus last year. Excluding bulk transactions, food retail sales continued its expansion at 6.2 percent year-on-year. / PR


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