Metro Retail Stores Group Inc. (MRSGI) on Wednesday announced a double-digit decline in both its net income and core net income for 2023, as the company reported flat sales while its expenses increased during the period.
Metro Retail Stores Group Inc. on Wednesday announced a double-digit decline in both its net income and core net income for 2023, as the company reported flat sales while its expenses increased during the period.In a regulatory filing, MRSGI said its net income fell by 32.6% to P618 million, while its core net income — which excludes one-time gains — slipped by 18.4% to P757.3 million.Sales increased by 0.4% to P38.3 billion, while same-store sales growth recorded a 0.
Excluding bulk transactions, food retail sales expanded by 6.2%.“Even with the challenged outturn, MRSGI 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,” president and chief operating officer Manuel Alberto said.MRSGI’s business is divided into three completely retail formats — supermarkets , department stores , and hypermarkets .
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