Metro Retail Stores Group, Inc. (MRSGI) reported a net loss of P318.10 million last year, a 29.2 percent improvement from the P449.60 million net loss it suffered in 2020.

In a disclosure to the Philippine Stock Exchange, the firm said its net sales for the year reached P31.21 billion, almost the same level with 2020, as quarantine restrictions continued to be enforced to curb the surge in COVID-19 infections.

It added that, Typhoon Odette also greatly affected some regions in the country in the latter part of the year.

Blended same store sales thus declined in 2021 by 5 percent, but the contraction was at a lower pace versus the prior year.

Notwithstanding the disruptions caused by the typhoon, MRSGI stores in the Visayas demonstrated resilience as their sales generally improved in subsequent months.

Both food retail and general merchandise businesses were flattish versus the same period last year.

Despite the ease of mobility in the latter part of the year, stringent quarantine measures were reimplemented due to the increase in COVID-19 cases across the country, while consumers continued to prune expenses to the bare essentials.

Meanwhile, the Company’s sales from its e-commerce business more than doubled in 2021 on the back of the 5x growth of MRSGI’s own online platform.

MRSGI registered an operating income of PhP84.99 million this year, a reversal of the PhP302.52 million loss in 2020, following the decline in operating expenses.

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

In 2021, MRSGI cut its operating expenses by 12.0 percent to P5.96 billion from P6.78 billion last year.

It managed to maintain a positive EBITDA in 2021 at P1.22 billion, while its cash reserves amounting to P1.67 billion remained sufficient to cover its current debt.

As the country further reopens, MRSGI remains optimistic on the recovery of brick-and-mortar stores. The Company affirms 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.