Metro Retail Stores Group Inc. (MRSGI) cut its losses last year to P318.10 million compared with 2020’s P449.6 million, a 29.24 percent drop.
Sales reached P31.21 billion, almost the same level as in 2020, as quarantine restrictions and Typhoon Odette greatly affected some regions in the latter part of the year.
“Blended same-store sales declined in 2021 by 5 percent, but the contraction was at a lower pace versus the prior year,” MRSGI said.
“Notwithstanding the disruptions caused by the typhoon, MRSGI stores in the Visayas demonstrated resilience as their sales generally improved in subsequent months,” it added.
MRSGI said the food retail and general merchandise businesses posted flattish performance despite the ease of mobility in the latter part of the year as consumers continued to prune expenses to the bare essentials.
The company’s sales from its e-commerce business more than doubled in 2021 on the back of the 5x growth of MRSGI’s own online platform.
Operating income was at P84.99 million, a reversal from the P302.52 million loss in 2020.
In 2021, MRSGI cut its operating expenses by 12.0 percent to P5.96 billion from P6.78 billion last year.
Earnings before interest tax depreciation and amortization was at P1.22 billion.
