Metro Retail Net Sales Reach ₱39.62 Billion In 2024 On Expansion, Food Retail Growth

Metro Retail Stores Group, Inc. (MRSGI) reported net sales of P39.62 billion for 2024, a 3.5% increase from P38.27 billion in 2023, driven by its continued expansion and a 4.9% rise in food retail business.

Diversifying its retail formats, MRSGI launched Metro Home Improvement and Lifestyle stores. I Photo: Metro Retail Stores Group, Inc.

Same-store sales rose slightly by 0.5%, tempered by the company's decision to scale back low-margin wholesale transactions during the year.

Blended gross margin inched down to 21.4% from 21.6% due to earlier unwinding of aging inventory and a higher mix of food retail sales. Still, MRSGI held its operating expense-to-sales ratio steady at 19.5% through cost-saving measures, such as increased use of solar energy in key stores.

As a result, cash earnings (EBITDA) rose 7.8% to P2.34 billion from P2.17 billion in 2023. Net income was flat at P609.42 million, slightly lower than last year’s P618.02 million, reflecting non-cash expenses related to its expansion program.

The company opened eight new stores in Samar, Negros, and Cebu in 2024, bringing its total store count to 71. These new locations supported a 5.8% rise in sales from the Visayas.

MRSGI also bolstered its Luzon operations with the opening of a three-hectare Metro Distribution Center in Sta. Rosa, Laguna, featuring modern warehousing systems and solar-ready infrastructure.

Diversifying its retail formats, MRSGI launched Metro Home Improvement and Lifestyle stores in Angeles (Pampanga), Hinigaran (Negros Occidental), and Catbalogan (Samar), broadening its presence in the home essentials market.

Recognized for its governance practices, MRSGI received its first Golden Arrow award from the Institute of Corporate Directors and was included in the inaugural Fortune Southeast Asia 500 list of top companies by revenue.

The company declared regular cash dividends totaling P194.54 million or P0.06 per share.

“In 2024, MRSGI showed its capability to achieve balanced growth. We expanded our network and increased net sales while maintaining a focus on operational efficiency,” said MRSGI President and COO Manuel Alberto.