Manila, April 14 -- ased retailer Metro Retail Stores Group Inc. (MRSGI) posted a net loss of PHP449.6 million last year, a reversal of the PHP775.6-million profit recorded the previous year, but the company has remained bullish on prospects for the retail industry.
The Gaisano family-owned retailer told the Philippine Stock Exchange on Wednesday its net sales declined by 15 percent PHP31.3 billion for 2020 compared to PHP36.8 billion for 2019 amid the pandemic.
While total food retail business increased by 1.1 percent, total general merchandise business, however, remained challenged as it declined by 45.7 percent over the same period last year.
The company attributed this mainly to the temporary closure of department stores in March 202...