AMID the global headwinds such as soaring inflation, rising interest rates, and weakening peso, Metro Retail Stores Group Inc. (MRSGI) maintained its growth momentum with a net income of P400.7 million for the first nine months of 2022, a turnaround from a P306.4 million pandemic-driven net loss in 2021.
Quarter-on-quarter, MRSGI recorded a P181.8 million net income, versus the P124.5 million net loss in 2021, on the back of pent-up domestic demand and full economic reopening.
The company’s net sales for the third quarter of 2022 showed a year-on-year increment of 21.5 percent to P9.1 billion as store traffic continued to pick up. This brings MRSGI’s net sales to P26.5 billion for the first nine months of the year, up by 24.5 percent from P21.3 billion in 2021.
With the recovery in discretionary spending of consumers, the company’s general merchandise business significantly grew over the first nine months of 2022 by 58.6 percent versus the same period last year, while food retail increased by 15.9 percent. This brings the blended same store sales growth to 22.3 percent for the three-quarter period.
“The sustained strong performance of Metro Retail supports our aim to achieve full recovery in 2022 and lay the foundation for sustainable growth in the coming years,” said MRSGI president and chief operating officer Manuel Alberto said. / KOC WITH PR