Metro Retail books loss in Q1

CEBU-BASED retailer Metro Retail Stores Group Inc. (MRSGI) remained unprofitable in the first quarter due to low customer traffic and prioritization of essential goods.

In a disclosure to the exchange on Wednesday, the listed firm reported a P126.47-million loss in January to March, reversing its almost P8million income in the same period last year.

Metro Retail attributed the loss incurred to the 18.9-percent contraction of its revenue to P6.95 billion from P8.57 billion year-on-year.

Its total food retail business dipped by 14.7 percent in the first quarter, while its general merchandise business declined by 30.2 percent during the period.

Blended same store sales also fell by 21.4 percent year-on-year.

Metro Retail’s operating expenses, meanwhile, was lower at P1.48 billion, down 19.1 percent from P1.83 billion due to “increased efficiency and continuous cost reduction and saving measures implemented by the company.”

“Along with the challenges and uncertainties brought about by the pandemic are opportunities for growth that we intend to tap. With the right strategy, people and partnerships, we are focusing on long-term sustainable recovery and growth,” MRSGI President and Chief Operating Officer Manuel Alberto was quoted as saying.

Metro Retail currently has 60 stores in its network and eyes to open another one in Bacolod in June.

Shares of MRSGI were unchanged on Wednesday at P1.28 apiece.