Metro Retail net income down in 2023

MANILA, Philippines — Earnings of Metro Retail Stores Group Inc., the listed retail company of the Gaisano Group, fell by a third last year on flat sales.

Metro Retail posted a 32.6-percent decline in net income to P618 million in 2023 from P917.3 million the previous year.

Excluding one-time gains such as accounting adjustment on leases and insurance claims in 2022, Metro Retail said its earnings were down by 18.4 percent compared to the prior year’s recurring profit of P757.3 million.

Sales saw a slight 0.4 percent growth to P38.3 billion from last year’s P38.1 billion.

Comparable same-store sales growth recorded a 0.8-percent dip due to a decline in wholesale business contribution.

By business, general merchandise expanded by 4.7 percent, driven by apparel, electronics, appliances and travel gear, while food retail declined by 1.2 percent due to bulk wholesale business scaling down.

“Even with the challenged outturn, Metro Retail 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,” Metro Retail president and COO Manuel Alberto said.