Metro Retail Stores incurs nearly P450-M loss
April 13, 2021 | 12:08 am
METRORETAIL.COM.PH
LISTED Metro Retail Stores Group, Inc. reported a P449.59-million net loss in 2020, a reversal of its P775.64-million net income in the previous year, as sales were heavily affected by the coronavirus disease 2019 (COVID-19) pandemic.
Revenues declined by 15% to P31.43 billion from P37.05 billion. Net sales amounted to P31.29 billion in 2020, dropping by 15% from P36.79 billion.
“In the middle of March 2020, department stores were temporarily closed brought about by the COVID-19 outbreak,” the company said in a disclosure on Monday.
“These were gradually opened, but were faced with customer traffic [constraints] since community quarantine is still in effect and as consumers prioritized the purchase of essential goods in general,” it added.
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REOPENING. Manuel Alberto, president and chief operating officer of the Metro Retail Stores Group Inc. (MRSGI), left, speaks with Edward Gaisano, one of the directors of MRSGI, on the sidelines of the grand reopening of Metro Ayala, the flagship store of Cebu-based retailer MRSGI. (Contributed)
REOPENING. Manuel Alberto, president and chief operating officer of the Metro Retail Stores Group Inc. (MRSGI), left, speaks with Edward Gaisano, one of the directors of MRSGI, on the sidelines of the grand reopening of Metro Ayala, the flagship store of Cebu-based retailer MRSGI. (Contributed)
+ January 31, 2021
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