Cebu-based retailer Metro Retail Stores Group Inc. (MRSGI) narrowed its losses to P306.41 million in the first nine months of 2021 from a net loss of P421.87 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said that quarter-on-quarter, MRSGI tapered its net loss to P124.47 million from the P337.21 million net loss a year ago.
Revenue for the third quarter of 2021 expanded by 7.7 percent to P7.56 billion from P7.02 billion, bringing the company’s total revenue for the first nine months of the year to P21.44 billion from P22.22 billion.
Blended same store sales declined by nine percent over the same period last year.
Meanwhile, MRSGI continues to realize the benefits of its cost reduction and optimization initiatives as operating expenses for the third quarter of 2021 contracted by 7.7 percent to P1.44 billion from P1.56 billion in the same period last year.
This brings the company’s total operating expenses for the nine-month period to P4.35 billion, 8.4 percent lower than last year’s P4.75 billion.
Earnings before interest, tax, depreciation, and amortization (EBITDA) for the third quarter grew by nearly eight-fold to P273.02 million against last year’s P34.54 million.
On the other hand, EBITDA for the nine-month period decreased to P765.46 million from P1.06 billion last year as the decrease in depreciation and interest expense attributed to PFRS 16 offset the increase in income before taxes.
MRSGI said it remains upbeat for better results moving forward, especially in this holiday season.
“With the country pivoting toward economic recovery largely due to relaxed restrictions and ongoing vaccination rollout, economic activities and consumer sentiment have been improving,” it said.
It noted that, “The company, however, will continue to practice fiscal prudence as it invests resources in its omnichannel strategy.” The company’s online store, shop.themetrostores.ph, continues to be upgraded to make shopping easier for its customers. Upcoming enhancements include its migration to a progressive web app version and the integration of the Metro Rewards Club program.
MRSGI is keen on entering into more partnerships with other leading e-commerce enablers – such as online grocers, marketplaces, last-mile logistics providers, among others.
Recently, GrabMart was added to its growing list of on-demand goods delivery service partners.
MRSGI keeps its thrust to expand its reach especially in the underserved markets, The company plans to open more Metro Supermarkets across Visayas, while pursuing other opportunities to grow its department stores and other store formats in key strategic areas.
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Article was originally published in Manila Bulletin and written by James A. Loyola.
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