METRO Retail Stores Group Inc. (MRSGI) said that their net income saw a double-digit decline for their bottom line status from January to September, as they said that it was dragged down by higher operating expenses.

In a statement, MRSGI noted that the third-quarter net income was pegged at P117.7 million, as the net income from the months of January to September fell by 36.5% to P254.6 million, down from the previous P400.7 million.

“The decline is primarily due to higher operating expenses partially offset by the improvement in gross margin,” it said.

Meanwhile, the company said that they have yet to release their full financial earnings.

Total net sales for the nine-month period fell by 0.04% to P26.5 billion. Excluding bulk wholesale transactions, total net sales increased by 5.2% year-on-year, while blended same-store sales were 1.2% lower than the previous year.

On the other hand, MRSGI said that they have a net store count of 62, to which there was a closure of two underperforming stores earlier this year.

But they launched two new supermarkets in August — in Lapu-Lapu City, Cebu, and in General Trias in Cavite.

“Our last three quarterly results showed an improving trend quarter-on-quarter. Before the year concludes, we anticipate a lift in our performance as the holiday season draws in more robust consumer spending,” MRSGI president and chief operating officer Manuel Alberto said.

“We are ready to serve early Christmas shoppers with a much wider selection of quality products at competitive prices and an easy and friendly shopping experience across our physical stores and online channels,” he added.