RRHI reports lower net income of P1.6 B in H1

Published July 30, 2020, 10:00 PM

by James A. Loyola

Robinsons Retail Holdings, Inc. reported a 4.1 percent dip in attributable net income to P1.6 billion in

the first half of 2020 as the business performance was affected by the various lockdowns imposed by the government during the pandemic.

In a disclosure to the Philippine Stock Exchange, RRHI said the full impact was felt in the second quarter of 2020 with attributable net income dropping 332 percent to P719.1 million.

Consolidated net sales posted a 2.9 percent decline in the first semester of 2020 to P75.0 billion and was 12.4 percent lower in the second at P34.9 billion.

“Sales were impacted by the temporary closure of the stores considered non- essential during the Enhanced Community Quarantine (ECQ) imposed by government starting March 17, 2020,” RRHI said.

A majority of the RRHI’s stores across all formats resumed operations only in May 16, 2020 following relaxed quarantine restrictions. However, operating hours have been shortened and foot traffic is down.

Blended same store sales growth (SSSG) was negative 3.8 percent in the first half of 2020 and negative

13.9 percent in the second quarter of the year.

The SSSG of the supermarket and drugstore segment eased in the second quarter, from high double-digit SSSG in the first quarter but still remained high relative to historical levels.

The SSSG of the rest of the formats were negative in the first half of 2020, contracting further in the second quarter versus the first quarter as the stores were closed for six weeks, compared to only two weeks in the first quarter.

While convenience stores are considered essential, approximately 30 percent of the stores were temporarily closed during ECQ due to lack of manpower, absence of public transportation and closure of offices in buildings where the stores are located.

The CVS segment was also affected by the imposition of curfew and liquor bans.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business-news","business"]
[2080183,2873729,2873505,2873058,2872881,2872957,2872562]