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Manila Bulletin devider Business devider The Stock Market devider Metro Retail profits dip due to expansion costs, lower margins

Metro Retail profits dip due to expansion costs, lower margins

Published Apr 20, 2025 08:47 pm

mrsgi super metro.jpg

Gaisano-led Metro Retail Stores Group Inc. (MRSGI) reported a 1.4-percent dip in net income to ₱609.42 million last year, from the ₱618.02 million earned in 2023, due to non-cash charges driven by its ongoing expansion program.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it achieved ₱39.62 billion in net sales for 2024, a 3.5-percent increase compared to ₱38.27 billion in 2023, reflecting positive contributions from the company’s ongoing expansion efforts and a solid 4.9-percent upswing in the food retail business.

Meanwhile, same-store sales grew modestly, by 0.5 percent compared to 2023, primarily influenced by scaling down low-margin wholesale transactions in 2024.

Blended gross margin was marginally lower at 21.4 percent, compared to 21.6 percent in 2023, mainly due to the company’s strategic decision to unwind aging stock earlier in the year and slightly higher share of business coming from food retail sales.

However, with MRSGI’s continued focus on operational efficiency, the operating expense to sales ratio remained stable at 19.5 percent through effective cost control measures, including the increased adoption of solar panels in key locations.

As a result, MRSGI’s cash earnings, as measured by earnings before interest, taxes, depreciation, and amortization (EBITDA), reached ₱2.34 billion in 2024, reflecting a 7.8-percent increase from ₱2.17 billion in 2023.

“In 2024, MRSGI showed its capability to achieve balanced growth. We expanded our network and increased net sales while maintaining a focus on operational efficiency,” MRSGI President and Chief Operating Officer (COO) Manuel Alberto stated.

Last year, MRSGI made significant strides expanding its footprint to a total of 71 stores, opening eight new branches in the provinces of Samar, Negros, and Cebu. These new stores demonstrated encouraging sales trends from opening, contributing to the 5.8-percent growth in sales from the Visayas region.

To further strengthen its logistics system and support its growing Luzon operations, MRSGI also opened a new Metro distribution center in Santa Rosa City, Laguna.

This three-hectare (ha) facility is equipped with high-efficiency storage, modern security systems, and solar panel-ready infrastructure, providing a strong foundation for future supply chain scalability.

In line with its strategy of format diversification, MRSGI opened Metro home improvement and lifestyle stores in Angeles City, Pampanga; Hinigaran, Negros Occidental; and Catbalogan City, Samar.

This new format expands the company’s offerings in home improvement and essentials, complementing its existing retail formats.

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Manuel Alberto Metro Retail Stores Group Inc.
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