Cebu-based retailer Metro Retail Stores Group Inc. said its suffered a net loss of P126.47 million in the first quarter, a reversal of the P7.98-million net income last year due to low customer traffic.
The company attributed its net loss to the 19-percent drop in revenue to P6.95 billion against the P8.57 billion last year.
The first quarter retail season is typically the lean period following peak consumer spending in December.