Massy Holdings Limited says its retail and distribution businesses have showed their resilience as the COVID-19 pandemic persisted last year.
The group said businesses making up this integrated retail portfolio segment in its Trinidad and Tobago home base, followed by the subsidiaries in Barbados, produced the most earnings.
Massy regional retail stores and distribution warehouses included Massy Stores (Barbados) Ltd, Massy Distribution (Barbados) Ltd, and Massy Loyalty Ltd here.
“Overall, the integrated retail portfolio generated third-party revenue of $2 billion and profit before tax of $125.4 million for financial year 2021, representing one per cent and 16 per cent growth on prior year, respectively. Our operations in Trinidad and Tobago and Barbados continue to generate the majority of our revenue and profits,” the company said.
Massy said in the 2021 annual report that the integrated retail portfolio businesses in Barbados “experienced year-on-year revenue and profit before tax growth, despite a weak tourist season”.
As with Trinidad, the team in Barbados focused on category management at a store level, to ensure the right product selection was always available to customers. Barbados Distribution delivered creditable profit before tax results, given the restrictions faced during the year which affected a significant portion of the customer base,” it added.
Massy Distribution’s challenges included “restrictions in servicing the down trade and the severe impact that the pandemic has had on the hotels, restaurants, catering sector”.
Management said during last year the retail business introduced some initiatives to drive improved operations and earnings. This included the introduction of a web-based e-commerce platform allowing customers to place orders for pick up or delivery, and the launch of a new store under the Price Lo banner.
“Despite the continued challenges presented by the pandemic, our retail and distribution businesses [showed] remarkable resilience in 2021,” the group said.
“Our teams have continued to closely monitor and adjust the product selection in all of our stores to ensure that it remains relevant and reflects changing trends, customers’ preferences and spending ability.” (SC)