Metro Retail profit down 32.6% to $2.9m in 2023

The company’s sales reached $671m (P38.3b) during the same period.

Philippines' Metro Retail Stores Group, Inc. (MRSGI) reported a net income of $2.9m (P618m) for 2023, down 32.6% from $16.07m (P917.3m) in 2022.

The company's core net income, which excludes one-time gains from 2022, dropped 18.4% to $13.3m (P757.3m).

The group also reported that its sales reached $671m (P38.3b), up 0.4% from $668m (P38.1b) in 2022, with a 0.8% decline in comparable same-store sales.

ALSO READ: Here's why global apparel and footwear sales growth have slowed

General merchandise sales rose by 4.7%, while food retail declined by 1.2% due to reduced wholesale business. Excluding bulk transactions, food retail sales increased by 6.2% year-on-year.

“Even with the challenged outturn, MRSGI reiterates its commitment of offering improved services to customers and better returns to stakeholders underpinned by its strategic initiatives to bolster growth and stability in 2024 and onwards,” said MRSGI president and COO Manuel Alberto.