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Published April 15, 2021, 5:00 AM
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.