METRO Retail Stores Group Inc. (MRSGI) recorded a net income of P254.6 million in the first nine months of 2023, down by 36.5 percent from the P400.7 million net income in the same period last year.
The decline is primarily due to higher operating expenses partially offset by the improvement in gross margin. MRSGI posted a P117.7 million net income in the third quarter.
The company generated 4.7 percent growth in net sales for the quarter, supported by better sales from existing stores and incremental sales from newly opened stores.
By business, general merchandise increased by 4.8 percent for the quarter and 6.1 percent over nine months, benefitting from back-to-school and increased travel activities.
Similarly, food retail expanded by 4.5 percent for the quarter mainly from higher grocery consumption and improved marketing and store initiatives.
For the nine-month period, food retail was slightly lower by 2.2 percent due to reduced wholesale transactions in 2023.