Cebu retail giant bullish on industry prospects

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Photo from: Wikipedia

By Philippine News Agency

Cebu-based retailer Metro Retail Stores Group Inc. (MRSGI) posted a net loss of PHP449.6 million last year, a reversal of the PHP775.6-million profit recorded the previous year, but the company has remained bullish on prospects for the retail industry.

The Gaisano family-owned retailer told the Philippine Stock Exchange on Wednesday its net sales declined by 15 percent PHP31.3 billion for 2020 compared to PHP36.8 billion for 2019 amid the pandemic.

While total food retail business increased by 1.1 percent, total general merchandise business, however, remained challenged as it declined by 45.7 percent over the same period last year.

The company attributed this mainly to the temporary closure of department stores in March 2020. While the stores were gradually reopened, the segment continued to face customer traffic constraints as community quarantine levels were still in effect and consumers prioritized the purchase of essential goods.

In a statement Wednesday, MRSGI president and chief operating officer Manuel Alberto said the company has a track record of success as it remained flexible and focused on customers.

“We will continue to explore opportunities and innovate amid the rapidly evolving landscape so we can bring our brand of excellence to consumers across the country,” he said.

The publicly-listed retailer also closed unprofitable department store operations, preparing for a better consolidation for the future.

 

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