Metro Retail Stores Group, Inc. reported a 4.2 percent year-on-year increase in net sales for the first nine months of 2024, reaching P27.6 billion.
In the third quarter alone, net sales held steady at P9.56 billion despite persistent inflationary pressures and cautious consumer spending.
Metro Retail attributed the sales growth to steady contribution from existing stores and its ongoing expansion efforts. Same-store sales grew by 1.5 percent for the period, driven by a 5.8 percent increase in food retail. General merchandise saw a 1.2 percent decline.
Gross margin for the first nine months decreased to 21.1 percent from 21.7 percent in 2023, due to efforts to clear ageing inventory. Despite this, Metro RetaiI achieved a reduction in its operating expense-to-sales ratio, improving to 20.2 percent from 20.5 percent through cost controls and efficiency measures, including greater use of solar panels in key locations.
The company recently opened five new stores in Samar, Leyte, and Cebu, bringing its total store count to 69. Early sales trends in these locations have been encouraging, and Metro Retail continues to expand its presence in the home retail sector.
“Our results reflect the company’s resilience in adapting to the evolving retail landscape,” said Metro Retail president and chief operating officer Manuel Alberto. “We remain focused on strategic opportunities to finish the year strong and build momentum for 2025.”
