MRSGI Books Net Loss Of P55.4 Million

The prevailing threat of the COVID-19 pandemic undermines the performance of the retail industry, and MetroRetail Stores Group, Inc. (MRSGI) is similarly affected as it continues to face disrupted store operations and reduced customer traffic due to community quarantine measures enforced across the country.

Photo Insert: Metro Stores is still one of the country's top retailers despite being one of the many companies hit hard by community quarantine measures.

The Company logged a net loss of PhP55.4 million in the second quarter of 2021, which brings the first half of 2021 at a PhP181.9 million net loss, a significant slide from last year’s net loss of PhP84.7 million, which was partly benefited by the pre-pandemic first-quarter results.

On the other hand, MRSGI’s revenue for the second quarter of 2021 grew by 2.7% to PhP6.9 billion from PhP6.7 billion in the same period a year ago; this brings the Company’s revenue for the first six months of the year to PhP13.9 billion.

Total food retail business for the first semester of the year contracted by 11.3%, while general merchandise business declined by 1.7% over the same period last year. Blended same-store sales decreased by 13.9% over the same six-month period last year mainly due to stringent quarantine measures imposed last March to May that lowered customer traffic in physical stores.

Nonetheless, Metro Retail remained among the top retailers in the country. Meanwhile, the Company’s operating expenses for the first half of 2021 posted an 8.8% reduction to PhP2.9 billion from its previous level of PhP3.2 billion.

This is primarily attributable to MRSGI’s increased efficiency and strengthened efforts in implementing cost reduction and optimization initiatives.

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