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Metro Retail Stores incurs P450 million loss

Iris Gonzales (The Philippine Star) - April 16, 2021 - 12:00am

MANILA, Philippines — Metro Retail Stores Group Inc. (MRSGI) posted a net loss of P449.6 million for 2020 amid the difficult business environment brought about by COVID-19.

This was a reversal of the P775.6 million net income recorded for 2019.

Despite the losses, the company remains bullish.

“Looking at the history of Metro, we have had a track record of success and this is because we’ve remained flexible and have focused on our customers,” MRSGI president and COO Manuel Alberto said.

In a regulatory filing, the Cebu-based company attributed the decline to a 15 percent decrease in net sales to P31.3 billion.

The food retail business increased by 1.1 percent but the general merchandise business declined 45.7 percent over the same period last year due to the temporary closure of department stores in March 2020.

The retail business was affected by the different community quarantine levels.

MRSGI also closed unprofitable department store operations as it prepares for consolidation in the future.

Blended same stores sales likewise declined by 19.3 percent due to lower general merchandise sales.

MRSGI managed to cut operating expenses to P6.8 billion.

“We will continue to explore opportunities and innovate amid the rapidly evolving landscape so we can bring our brand of excellence to consumers across the country,” Alberto said.

MRSGI is also expanding and strengthening its network. Last Jan. 29, Metro Ayala Cebu, MRSGI’s flagship store reopened while two new stores – Metro Danao and Metro Tacloban – opened last February and March, respectively.

It is likewise strengthening its presence in multiple channels and continues to implement innovations and updates in its physical stores as well as on its e-commerce platforms.

METRO RETAIL STORES GROUP INC.
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