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Manila Bulletin devider Business devider The Stock Market devider MRSGI's Q1 earnings drop on expansion costs, lower same-store sales

MRSGI's Q1 earnings drop on expansion costs, lower same-store sales

Published May 20, 2025 11:25 am
Expansion costs and lower same-store sales weighed down the earnings of Gaisano-led Metro Retail Stores Group, Inc. (MRSGI) which fell 73.4 percent to ₱13.4 million in the first quarter of 2025 from the ₱50.3 million earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said this is due to non-cash charges related to the Company’s ongoing expansion program. In April, MRSGI’s total store network grew to 72 stores with the opening of a Metro Value Mart in Talisay City, Cebu.
MRSGI repored ₱8.90 billion in net sales for the first quarter of 2025, a two percent increase from ₱8.73 billion for the same period in 2024.
“This underscores contributions from the Company’s expansion initiatives and the steady growth of its food retail (up 1.8 percent) and general merchandise (2.5 percent higher) businesses,” the firm said.
Meanwhile, same-store sales in the first quarter of 2025 was slightly lower by 1.7 percent versus 2024.
Blended gross margin grew by 4.4 percent to ₱1.90 billion, attributed to a higher share to business of general merchandise business as well as margin gains from food retail. Gross margin as a percentage of sales also improved to 21.3 percent from 20.8 percent in 2024.
While the Company continued implementing its cost reduction and saving measures, operating expense-to-sales ratio increased to 22.6 percent in the first quarter of 2025 from 20.4 percent in 2024 mainly due to higher utilities costs from power rate hikes especially in the Visayas region and manpower costs related to government mandated minimum wage increases.
In terms of cash earnings (as measured by EBITDA), MRSGI achieved a solid 6.1 percent growth reaching ₱413.0 million in the first quarter of 2025 from ₱389.2 million in the same period last year.
“Through 2025, MRSGI will continue to elevate customer experience, focus on optimizing our operations, and strategically expand our network to further strengthen our market position and deliver sustainable growth,” said newly appointed MRSGI President and COO Joselito G. Orense.
To date, Metro Retail operates a total of 72 branches across Luzon and the Visayas under the store formats Metro Supermarket, Metro Department Store, Super Metro Hypermarket, Metro Value Mart, and Metro Home and Lifestyle.
In line with its commitment to sustainable growth, MRSGI continues to aggressively expand its retail network.
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