Metro Retail Stores Group Inc. of the Cebu-based Gaisano clan swung to a loss of P449.6 million due to the pandemic, which forced it to temporarily close its department stores in March last year.
Sales fell by 15 percent to P31.3 billion as the lockdown measures imposed by the government forced many Filipinos to stay at home.
“While the stores were gradually re-opened, the segment continued to face customer traffic constraints as community quarantine levels were still in effect and consumers prioritized the purchase of essential goods,” MRSGI said.
During the year, the Visayan retailer closed unprofitable department stores as part of the store rationalization program of its stores and workforce.
MRSGI’s balance sheet remained solid as its cash reserves of P2.3 billion was sufficient to cover debt.
The company, however, remains bullish this year as it vowed to ramp up its presence in multiple channels and continue to implement innovations and expand its quality offerings.
For this year, MRSGI has so far opened two new stores – Metro Danao and Metro Tacloban.