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Manila Bulletin devider Business devider The Stock Market devider Robinsons Retail's first half profits jump to P6.8 billion

Robinsons Retail's first half profits jump to P6.8 billion

Published Jul 30, 2024 07:42 am

The Gokongwei Group’s Robinsons Retail Holdings Inc. reported that its attributable net income surged 3.8 times to P6.8 billion in the first half of 2024 from P1.8 billion in the same period last year due to a one-time gain from the Bank of the Philippine Islands-Robinsons Bank merger in the first quarter. 

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its first half core net earnings, which excludes foreign exchange gains, interest income, and items related to the merger, grew by 12.1 percent to P2.6 billion from P2.36 billion.

“We continue to generate earnings growth by focusing on controllable factors such as opening stores in strategic locations, enhancing our merchandise mix, and streamlining costs,” said RRHI President and CEO Robina Gokongwei-Pe.  

She added that “we are confident that we can sustain the earnings momentum in the latter half of the year as we accelerate store openings, while moderating inflation should be a boon for consumer spending.” 

Attributable net income rose by 36.2 percent to P1.7 billion in the second quarter of 2024 from P1.26 billion in the comparative period of 2023, aided by higher dividend income from BPI and lower losses from associates. 

Core net earnings rose by 15.3 percent in the second quarter of 2024 to P1.5 billion from P1.27 billion, driven by higher gross profit and operating efficiencies. 

Net sales inched up three percent in the first half of the year to P93.71 billion from P90.98 billion while adding 3.1 percent in the second quarter to P47.8 billion from P46.39 billion in the same quarter of 2023.

The standout segments in terms of revenue growth for the quarter were food, drugstores, and department stores. Blended same store sales growth (SSSG) in the second quarter still rose by 0.5 percent even with persistent inflation while first half blended SSSG registered at 0.7 percent.

Operating income continued to accelerate relative to the topline, attributed to improvements in the sales mix, higher vendor support, and optimized costs.

Operating income grew by 7.3 percent to P2.2 billion in the second quarter and by 5.5 percent to P4.1 billion in the first half of 2024. 

As of June 30, 2024, Robinsons Retail operated a total of 2,401 stores consisting of 755 food stores, 1,082 drugstores, 49 department stores, 224 DIY stores, and 291 specialty stores. It also has over 2,100 franchised stores of TGP. 

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Robina Gokongwei-Pe Robinsons Retail Holdings Inc.
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