Metro Retail Stores Group, Inc. (MRSGI) posted net sales of P39.62 billion in 2024, marking a 3.5% increase from P38.27 billion in 2023. This growth was driven by the company’s ongoing expansion initiatives and a strong 4.9% rise in its food retail segment.
Same-store sales saw a modest uptick of 0.5%, slightly tempered by the company’s move to scale back on low-margin wholesale transactions during the year.
Gross margin slipped slightly to 21.4% from 21.6% in 2023, largely due to proactive efforts to clear aging inventory and a greater contribution from food retail sales. Still, MRSGI kept its operating expense-to-sales ratio steady at 19.5%, supported by effective cost management strategies—including the broader use of solar panels across its stores.
EBITDA rose 7.8% to P2.34 billion, up from P2.17 billion in the previous year, reflecting improved operational performance. However, net income remained relatively flat at P609.42 million, affected by non-cash charges tied to the company’s expansion efforts.
MRSGI expanded to 71 stores in 2024, opening eight new branches in Samar, Negros, and Cebu. These new locations helped fuel a 5.8% sales growth in the Visayas region.
To bolster its logistics capacity, the company launched a new three-hectare Metro Distribution Center in Sta. Rosa, Laguna. This facility features modern storage systems, enhanced security, and solar-ready infrastructure, positioning MRSGI for scalable growth in Luzon.
Further diversifying its retail formats, MRSGI introduced Metro Home Improvement and Lifestyle stores in Angeles (Pampanga), Hinigaran (Negros Occidental), and Catbalogan (Samar), broadening its range of home and essentials offerings.
In governance, MRSGI earned its first Golden Arrow award from the Institute of Corporate Directors, recognizing its adherence to transparency and best practices under the ASEAN Corporate Governance Scorecard. The company was also listed in the inaugural Fortune Southeast Asia 500, underscoring its stature among the region’s top firms by revenue.
Reinforcing its commitment to shareholders, MRSGI declared PhP194.54 million in regular cash dividends, or PhP0.06 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 President and COO Manuel Alberto.