Gaisano-led retailer Metro Retail Stores Group Inc. (MRSGI) was bludgeoned by the pandemic in 2020, but it has committed to continue expanding its footprint in anticipation of its return to profitability.
MRSGI booked a net loss of P449.6 million in 2020, a reversal of the P775.6-million net income recorded in the previous year.
With the pandemic prompting mobility restrictions, MRSGI’s net sales declined by 15 percent to P31.3 billion last year.
While the total food retail business increased by 1.1 percent, total general merchandise business declined by 45.7 percent due primarily to the temporary closure of department stores in March 2020.
Customer traffic
While the stores we…
Keep on reading: Virus-hit Metro Retail booked P449.6-M loss in 2020