Cebu-based retailer Metro Retail Stores Group Inc. (MRSGI) remained unprofitable in the first quarter due to lower customer traffic arising from the imposition of stricter lockdown protocols and a shift in consumers’ preferences, in particular for essential goods.
MRSGI incurred a net loss of P126.47 million in the first three-months of 2021, a reversal of the P7.98-million net income posted in the same period a year ago.
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 year-on-year contraction in revenues to P6.95 billion.
MRSGI’s total food retail business declined by…
Keep on reading: Metro Retail posts P126.47-M loss amid lower foot traffic