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Business

Metro Retail narrows loss to P318 million in 2021

Iris Gonzales - The Philippine Star

MANILA, Philippines — Metro Retail Stores Group Inc. (MRSGI) narrowed its net loss last year to P318.1 million from P449.6 million.

Net sales reached P31.21 billion, almost the same level in 2020.

Despite the ease of mobility in the latter part of the year, consumers continued to prune expenses to the bare essentials, Metro Retail said.

Sales from its e-commerce business more than doubled  on the back of the growth of MRSGI’s own online platform which grew more than five times.

Metro Retail registered an operating income of P84.99 million, a reversal of the P302.52 million loss in 2020, following the decline in operating expenses.

The company’s operating costs decreased for two consecutive years as a result of ongoing efforts to increase efficiency and implement cost saving measures.

Metro Retail cut its operating expenses by 12 percent to P5.96 billion from P6.78 billion a year ago.

It continues to invest resources in its omnichannel strategy to boost its physical and digital presence, with its e-commerce platform carrying out a series of enhancements for a more convenient shopping experience.

As the country further reopens, Metro Retail remains optimistic about the recovery of brick-and-mortar stores, reiterating its commitment to expand its network particularly in the underserved areas and innovate the look and feel of its physical stores.

In 2021, MRSGI’s flagship store Metro Ayala Cebu Department Store completed its rebuilding and reopened its doors to the public, while four new stores were added – Metro Danao Supermarket and Department Store, Metro Tacloban Department Store, and Metro Sum-ag Supermarket.

METRO RETAIL STORES

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