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Robinsons Retail’s earnings surge to nearly P1.6B

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ROBINSONS Retail Holdings, Inc. (RRHI) reported an attributable net income of P1.56 billion in the second quarter, more than double last year’s P724 million last year, as operations improved and after applying austerity measures last year.

“Our banners performed very well during the second quarter. Our cost-efficiency efforts have also continued to yield positive results,” RRHI President and Chief Executive Officer Robina Gokongwei-Pe said in a press release on Thursday.

The company said that its attributable income for the April-June quarter showed a 44.7% increase from the 2019 pre-pandemic level.

RRHI’s net sales rose by 19.8% to P42.94 billion from last year’s P35.83 and by 7.7% versus the pre-pandemic level. The company attributed this to the 15.5% same-store sales growth (SSSG).

“The significant increase in SSSG, which was a huge turnaround from previous year’s minus 3.4%, was due to higher transaction count across segments, given improvements in mobility and easing of border restrictions,” the company said.

Year to date, RRHI’s attributable net income rose to P2.74 billion, a 64% increase from P64 million in the previous year.

Its net sales grew by 15.3% in the first half to P82.37 billion from last year’s P71.45 billion where e-commerce sales accounted for 3.6% or an increase from 2.8% last year.

“Robust gains from the second quarter enhanced performance for the first half of 2022,” the company said.

“We are in a position of renewed fervor and strength to further widen our already expansive offline and online reach and broaden our ecosystem of products & services in order to gain more valuable customer relationships,” Ms. Gokongwei-Pe said.

At the stock exchange on Thursday, RRHI shares rose by P1.90 or 3.29% to P59.70 apiece. — Justine Irish D. Tabile