Metro Retail Stores bounces back in Q1

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Metro Manila (CNN Philippines, May 13) — Metro Retail Stores Group Inc. (MRSGI) reversed in January to March losses incurred in the same period last year.

The listed store chain operator began the year with a net income of ₱33.34 million for the first quarter, swinging from a ₱126.47-million loss year-on-year.

It attributed higher earnings to better foot traffic because of looser restrictions resulting in more consumer spending.

MRSGI also reported ₱8.51 billion in net sales, increasing 23% annually. It mainly attributed the rise to a 23.4% jump in comparable store sales, along with the contribution of four new stores that opened last year.

The company also posted a growth of 21.2% in its food retail business and 29.8% for the general merchandise segment.

MRSGI president and chief operating officer Manuel Alberto attributed their profitable position to "continuous" efforts in better efficiency, merchandise assortment and sourcing, and wider omnichannel strategy.