Metro Retail Stores Group Inc. (MRSGI) reduced its losses last year to P318.10 million from P449.6 million in 2020, a decrease of 29.24%.
Sales reached P31.21 billion, almost the same level as in 2020, as quarantine restrictions and Typhoon Odette hit some areas hard in the latter part of the year.
“Mixed same-store sales declined 5% in 2021, but the contraction was slower than the prior year,” MRSGI said.
“Despite the disruption caused by the typhoon, MRSGI stores in the Visayas showed resilience as their sales generally improved over the following months,” he added.
MRSGI said the food and general merchandise retail businesses posted stable performance despite ease of mobility in the latter part of the year as consumers continued to cut spending to the bare minimum.
The company’s sales from its e-commerce business more than doubled in 2021 thanks to the 5x growth of MRSGI’s own online platform.
Operating profit was 84.99 million pesos, a reversal from the loss of 302.52 million pesos in 2020.
In 2021, MRSGI reduced its operating expenses by 12.0% to 5.96 billion pesos compared to 6.78 billion pesos last year.
Earnings before interest, amortization and depreciation amounted to 1.22 billion pesos.