Metro Retail records net loss of P449.6M earnings

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CEBU-BASED retailer Metro Retail Stores Group Inc. (MRSGI) has posted a net loss of P449.6 million for 2020, a reversal of the P775.6 million net income recorded for 2019.

The decline was driven by a pandemic-driven 15 percent decrease in net sales at 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, however, remained challenged as it declined by

45.7 percent over the same period last year.

This was due primarily to the temporary closure of department stores in March 2020. MRSGI also closed unprofitable department store operations, preparing for a better consolidation for the future. (PR)