Metro Retail nets P218.9M in first half, remains hopeful of retail recovery

METRO Retail Stores Group Inc. (MRSGI) sustains its strong 2022 performance amid supply chain disruptions and elevated commodity prices induced by the ongoing threats of the Russia-Ukraine conflict and Covid-19 pandemic.

MRSGI capped its second quarter of 2022 with a net income of P185.6 million, which is reflective of the significant upward trend in the company’s sales.

This brings the net income in the first half of 2022 to P218.9 million, a significant reversal from the net loss of P181.9 million a year ago.

The company posted P8.9 billion net sales in the second quarter of 2022, which is higher by 29 percent than the P6.9 billion net sales from the same period in 2021.

To further strengthen the company’s footprint, MRSGI opened two new stores: Metro Paseo Supermarket in Cebu City and Metro Hilongos Supermarket in Leyte, bringing its current store network to 62.

“The positive results in the first half of this year set Metro Retail Stores on a strong trajectory as the Company celebrates forty years in retail operations this year,” said MRSGI president Manuel Alberto.

“While we remain cautious of the current domestic and global risks, we continue to be hopeful for a better outlook in the coming months as opportunities for recovery and growth present themselves.”