Cebu-based retailer Metro Retail Stores Group, Inc. (MRSGI) suffered a net loss of P449.6 million last year from the net income of P775.6 million recorded for 2019.
In a disclosure to the Philippine Stock Exchange, the firm said the decline was due to a pandemic-driven 15.0 percent decrease in net sales to P31.3 billion for 2020 compared to P36.8 billion for 2019.
While total food retail business increased by 1.1 percent, total general merchandise business remained challenged as it declined by 45.7 percentover the same period last year.
This was due primarily to the temporary closure of department stores in March 2020.
While the stores were gradually re-opened, the segment continued to face customer traffic constraints as community quarantine levels were still in effect and consumers prioritized the purchase of essential goods.
MRSGI also closed unprofitable department store operations, preparing for a better consolidation for the future.
Blended same stores sales likewise declined by 19.3 percent over the same period last year brought about by the decline in sales of the general merchandise business.
Despite the challenges in 2020, MRSGI said it remains bullish and is looking forward to delighting and serving its customers in 2021 and the years beyond.
“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,” said MRSGI President Manuel Alberto.
He added that, “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.”
MRSGI aims to continue to meet consumer demand in the areas where it operates and to intensify its brand by expanding its quality offerings.
The firm said it is also ramping up its presence in multiple channels and continues to implement innovations and updates in its physical stores as well as on its e-commerce platform as consumers continue to prioritize safety and convenience.
MRSGI also reiterates its commitment to expand and strengthen its network. Last January 29, Metro Ayala Cebu, MRSGI’s flagship store reopened while two new stores – Metro Danao and Metro Tacloban – opened last February 2021 and March 2021, respectively.