Metro Retail Stores Group Inc. (MRSGI) said on Wednesday it reduced its net loss by almost a third in 2021, as it reversed its operating loss from 2020.
In a statement attached to a disclosure, MRSGI reported a net loss of P318.10 million in 2021, a 29.2-percent improvement from the P449.60 million loss the year prior.
Net sales for the year was flattish at P31.21 billion, but it registered an operating income of P84.99 million, a reversal from the P302.52-million loss in 2020.
MRSGI’s operating costs declined for two consecutive years as a result of its ongoing efforts to increase efficiency and implement cost saving measures.
Operating expenses for 2021 reached P5.96 billion, a 12-percent cut from the P6.78 billion the year prior.
“To enhance shareholder value and to establish an Executive Stock Option Plan, the company’s Board of Directors approved the implementation of a share buyback program of up to P300 million,” the statement read.
Aside from its physical retail stores, MRSGI “continues to invest resources in its omnichannel strategy to boost its physical and digital presence.”
“As the country further reopens, MRSGI remains optimistic on the recovery of brick-and-mortar stores. The company affirms its commitment to expand its network particularly in the underserved areas and innovate the look and feel of its physical stores,” the statement read.
The company recently opened the Metro Supermarket Paseo Arcenas in Banawa, Cebu City. It is MRSGI’s 62nd store nationwide.
MRSGI said the 2,668 square meter supermarket allows shoppers to experience best-in-class shopping from freshest-of-the-fresh produce, meat, poultry and seafood to household supplies and its complete selection of international products.