Robinsons Retail Holdings, Inc. reported that its attributable net income more than doubled to P10.27 billion last year from P4.1 billion in 2023 due to the one-time gain from the merger of Robinsons Bank into the Bank of the Philippine Islands booked in the first quarter.

In a disclosure to the Philippine Stock Exchange, the firm noted that, excluding this non-recurring gain, core earnings grew 12.3 percent to P6.33 billion in 2024 from P5.64 billion in the previous year, driven by higher gross profit and improved operational efficiencies.

In the fourth quarter, attributable net income to and core earnings increased 62.4 percent and 21.9 percent year-on-year (YoY) to P2.5 billion and P2.3 billion, respectively, due to higher same store sales growth and better cost dynamics.

The company’s consolidated net revenues for full-year 2024 stood at P199.17 billion, up 3.7 percent from P192.13 billion, underpinned by sustained growth of its food and drugstore businesses, alongside incremental sales from new stores. Blended same store sales growth for the period was at 1.5 percent.

For the fourth quarter alone, net sales amounted to P56.8 billion last year, up 5.3 percent YoY from P53.93 billion on robust same store sales growth of 3.4 percent, driven by the food (up 4.1 percent) and department store (6.6 percent) segments.

Gross profit in the fourth quarter expanded by 8.7 percent to Php13.8 billion given improved assortment, increased penetration of imported and private label brands, and continued vendor support. Resulting full-year 2024 gross profit was P48.1 billion, 5.5 percent higher YoY. 

Operating income, on the other hand, climbed at a brisker pace of 9.1 percent to P9.8 billion for 2024, and managed to grow 20.9 percent in the fourth quarter to P3.4 billion as cost optimization efforts helped offset the pick-up in expansion-related costs.

“Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions,” said RRHI President and CEO Stanley Co.

He noted that, “Such an achievement is a testament to the resiliency of our core business and our ability to be agile to evolving market dynamics. Looking ahead in 2025, we remain steadfast in looking for more ways to grow the business, while continuing to integrate our sustainability agenda into our value chain.”

As of December 31, 2024, Robinsons Retail has 2,453 stores consisting of 761 Food Stores, 1,133 Drugstores, 50 Department Stores, 227 DIY Stores, and 282 Specialty Stores. It also has 2,115 franchised stores of TGP.