Metro Retails cuts its net loss in 2021

MANILA – Metro Retail Stores Group announced on Wednesday that it reduced its net loss by 29% in 2021.

The group recorded a net loss of 318 million pesos last year compared to 449.60 million pesos in 2020, it said in a statement to the stock exchange.

Net sales for the year reached 31.21 billion pesos, still reflecting the tightening of mobility restrictions last year and the impact of Typhoon Odette, Metro Retail said.

Same-store mixed sales fall 5% in 2021, but contract at a slower pace from a year earlier, he added.

At the same time, sales of its e-commerce activity “more than doubled” in 2021 with growth multiplied by 5 of the group’s online platform shopmetro.ph. No actual figures were disclosed.

“MRSGI remains committed to meeting the changing needs of its customers both online and offline. The company continues to invest resources in its omnichannel strategy to strengthen its physical and digital presence,” the company said.

Metro Retail also reiterated its commitment to expanding its network in underserved areas as it remains optimistic about the recovery of physical stores.

The group operates department stores, supermarkets and hypermarkets throughout the country.

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