Metro Retail Stores trims losses to P318M  – BusinessWorld Online


Metro Retail Stores Group, Inc. lowered its net loss to P318.1 million last year, or an improvement of 29.2% from last year’s loss of P449.60 million, as sales rose with easing pandemic restrictions.

“Despite the disruptions caused by the storm, stores showed resilience in the business of Metro Retail Stores as their sales generally improved in subsequent months. Both the food retail and general merchandise business were flat as compared to the same period last year,” the company said in a disclosure on Wednesday.

“Despite the easing of mobility in the latter part of the year, a rise in COVID-19 (coronavirus disease 2019) cases across the country led to the re-imposition of stringent quarantine measures while consumers continued to bare essential expenses,” it said. added.

Net sales for 2021 reached P31.21 billion, which the company said was “nearly the same level” as the previous year, while mixed same-store sales declined 5% but compared to the previous year. in slow pace.

Meanwhile, sales from its e-commerce business more than doubled in 2021 on the back of growth from its online platform. Specific figures were not disclosed.

Last year’s operating income, P84.99 million, was in contrast to a P302.52-million loss in the prior year due to a decline in operating expenses.

Metro Retail Stores said its ongoing efforts to increase efficiencies and implement cost-saving measures have resulted in a reduction in its operating costs for two consecutive years.

In 2021, the company reduced its operating expenses by 12.1% to P5.96 billion from the earlier P6.78 billion.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was P1.22 billion last year, with cash reserves P1.67 billion to cover its existing debt.

The company’s board of directors also approved the implementation of a share buyback program of up to P300 million to increase shareholder value and establish an executive stock option plan.

Metro Retail Stores said it continues to invest resources in its omni-channel strategy to boost its physical and digital presence.

It enhanced its e-commerce platform, shopmetro.ph, to improve the shopping experience of the customers.

“These upgrades include a dynamic search bar, shopping list function, ‘One Basket’ feature as well as the upcoming integration of the Metro Rewards Club program into the Metro online store,” the company said.

Along with its online store, Metro Retail Stores also offers mobile commerce with its Call-TextViber (CTV) service and has partnered with e-commerce enablers such as online grocers and last-mile logistics providers.

“Metro retail stores remain optimistic on the recovery of brick-and-mortar stores as the country reopens. The company reaffirms its commitment to expand its network and innovate the look and feel of its physical stores, especially in disadvantaged areas,” it said.

In 2021, the company’s flagship store, Metro Ayala Cebu Department Store, completed its reconstruction and reopened its doors to the public, while four new stores were added, including Metro Danao Supermarket and Department Store, Metro Tacloban Department Store and Metro Samu. -Ag supermarkets are included.

Shares of Metro Retail Stores remained unchanged at P1.34 on the stock exchange on Wednesday. , Luisa Maria Jacinta C. Jackson

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