Metro Retail Stores Group Inc. said it posted an income of P33.34 million in the first quarter, from last year’s P126.47-million loss, due to rising consumer spending.
Prior to its report on its first quarter performance, the company had incurred losses for seven consecutive quarters.
Net sales in January to March jumped by 23 percent to P8.51 billion as against P6.92 billion last year. The increase was mainly driven by the 23 percent rise in comparable store sales and the contribution of four new stores that opened last year.
Both its food retail and general merchandise businesses grew by 21 percent and 29 percent, respectively, the company said.
“Our positive financial outcome attests to our continuous efforts in increasing efficiency, improving merchandise assortment and sourcing, and expanding omnichannel strategy,” Metro Retail president and COO Manuel Alberto said.
“As we head on to our recovery and growth, Metro Retail Stores will keep its thrust on putting customers at the center of its business. We will continue to offer a great shopping experience to our existing and future customers.”
The company said it continued to improve its operating efficiency as a result of its ongoing implementation of cost-saving measures and optimization initiatives. This is seen in the improvement of operating expense to sales ratio to 18 percent from 21.4 percent last year.
Metro Retail recently opened two new stores, Metro Paseo Supermarket in Cebu City and Metro Hilongos Supermarket in Leyte, bringing its current store network to 63.