Published May 13, 2021, 3:47 PM
Cebu-based Metro Retail Stores Group, Inc. (MRSGI) suffered a net loss of P126.47 million in the first quarter of 2021 from the P7.98 million profit earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said lowered customer traffic due to quarantine protocols and continued customer prioritization of purchases to essential goods heavily impacted its performance.
While the first quarter retail season is typically lean following peak consumer spending in December, the net loss was primarily attributed to the 18.9 percent contraction in revenue to P6.95 billion against the P8.57 billion registered in the comparable period last year, which was minimally affected by the pandemic.