METRO Retail Stores Group, Inc. said its first quarter net income grew to P33.34 million for the first three months of 2022, an improvement from its P126.47-million net loss in the similar period a year before.
The company said it is continuing to “gear up for recovery with stronger optimism,” as foot traffic picks up with improving consumer spending following loosened health protocol restrictions.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter grew by 63.2% to P386.38 million from P236.74 million.
“Our positive financial outcome attests to our continuous efforts in increasing efficiency, improving merchandise assortment and sourcing, and expanding omnichannel strategy,” Metro Retail President Manuel C. Alberto said.
Net sales jumped by 23% to P8.51 billion from P6.92 billion for the same period last year, driven by the rise in store sales and the contribution of four new stores that opened last year.
Both its food retail and general merchandise businesses also grew by 21.2% and 29.8%, respectively.
“As we head on to our recovery and growth, Metro Retail Stores will keep its thrust on putting customers at the center of its business. We will continue to offer a great shopping experience to our existing and future customers and pursue multifaceted initiatives to be positioned for progressive growth,” Mr. Alberto added.
The company recently opened two new stores, the Metro Paseo Supermarket in Cebu City and the Metro Hilongos Supermarket in Leyte, bringing its current store network to 63.
“While the company remains resolute in expanding its brick-and-mortar network, Metro Retail also acknowledges the growing significance of online shopping and the integral role of having an omnichannel presence beyond the pandemic,” the firm added.
Apart from its web application, shopmetro.ph, the company said it is continuing to upgrade its e-commerce platform by adding participating stores in key cities in Luzon and Visayas, and partnering with other online channels and logistics providers.
On Wednesday, Metro Retail shares climbed by 1.45% or two centavos to P1.40 at the stock exchange. — Luisa Maria Jacinta C. Jocson