Metro Retail Stores Group Inc. (MRSGI), the retail company led by the Gaisano family, reported that its net income nearly doubled in the first quarter of the year to P25.84 million from P13.38 million a year earlier, driven mainly by strong performance in its food retail business.
The company said revenues rose 5 percent to P9.47 billion from P9 billion last year, supported by steady demand across its major business segments. Food retail remained the main growth driver, followed by general merchandise.
Same-store sales increased by 2.9 percent during the period, while gross margin improved to 21.7 percent from 21.3 percent due to a favorable product mix and stronger food retail sales.
Operating expenses climbed 6.6 percent to P2.15 billion, mainly because of store expansion, network scaling, and the continued rollout of newly opened and renovated stores.
MRSGI president and chief operating officer Joselito G. Orense said the company continued to strengthen its presence in key growth areas while improving operational efficiency.
During the quarter, MRSGI also launched the pilot rollout of Generika Drugstore branches inside selected Metro Retail stores as part of its strategy to integrate essential services into its retail network. The first two pilot stores opened in Ayala Feliz and Tagaytay, with plans to open at least 12 more by year-end.
The company currently operates 81 branches across Luzon and the Visayas under several retail formats, including Metro Supermarket, Metro Department Store, Super Metro Hypermarket, Metro Value Mart, and Metro Home Improvement and Lifestyle.
