CEBU-BASED retailer Metro Retail Stores Group Inc. (MRSGI) said profit in the first quarter of the year reached P7.98 million, down 87.32 percent from P62.93 million the prior year.
Revenues amounted to P8.57 billion, up 10 percent from P7.79 billion last year.
The company said first quarter net sales hit P8.5 billion, up 9.9 percent from P7.73 billion in 2019.
MRSGI registered a 19-percent increase in food retail sales as demand rose further with the effect of the enhanced community quarantine (ECQ).
“While blended same store sales reflected a year on year growth of 3 percent, total general merchandise business declined by 10.6 percent due to the COVID-19-related disruption in all department stores,” MRSGI said.
The company said it incurred additional overhead costs for newly-opened stores including the partial reopening of the flagship store in Cebu City.
“This was offset by the temporary closure of all department stores due to the lockdown at the close of the period, resulting to the 4.6 percent decrease for the quarter,” it said.
MRSGI said gross profit margin was down 89 basis points due to higher share to business of food retail, slower department store sales, and compliance with government-imposed pricing protocols.
Starting May 16, MRSGI opened its stores in Metro Ayala Malls Feliz; The District Imus Metro Department Store; Metro Ayala Malls Capitol Central Bacolod; Metro Department Store, Marquee Mall in Pampanga; Metro Supermarket Pacific Mall Lucena and Pacific Mall Legazpi .
