LISTED Metro Retail Stores Group, Inc. said its second-quarter (Q2) net income more than doubled to P132.9 million from P50.1 million a year ago, driven by higher sales and store openings.
Net sales for the April-to-June period increased by 6.6% to P9.9 billion, supported by contributions from new stores, Metro Retail said in a regulatory filing on Thursday.
The company recently expanded its footprint to 76 stores with the opening of five new supermarkets in Talisay City and Liloan in Cebu, Ligao City and Guinobatan in Albay, and Gubat in Sorsogon.
Same-store sales growth reached 1.7%, a turnaround from the 1.7% decline in the first quarter.
For the first half, Metro Retail grew its net income by 45.7% to P146.3 million, while net sales rose 4.4% to P18.8 billion.
Food retail sales increased 2.8%, driven by the fresh category and contributions from supermarkets opened over the past year. General merchandise sales rose 8.8%, supported by back-to-school and home product sales.
Operating expenses also climbed to 21.4% of sales from 20.3% a year ago, due to higher utility rates in the Visayas region and increased labor costs.
“Our strong second-quarter results, highlighted by net income that more than doubled and earnings before interest, taxes, depreciation, and amortization with 47% growth, demonstrate our strategic execution and continued focus on profitability, expanding our network and enhancing product offerings that resonate with our customers’ preferences,” Metro Retail President and Chief Operating Officer Joselito G. Orense said.
“We are encouraged by the recovery in same-store sales and the significant growth in margins, which collectively establish a solid foundation for the remainder of the year,” he added.
Metro Retail shares were unchanged at P1.17 per share on Thursday. — Revin Mikhael D. Ochave
