MANILA, Philippines — Gokongwei-owned Robinsons Retail Holdings Inc. (RRHI) delivered higher core earnings in the first half, driven by strong revenue growth and improved operating efficiencies.
RRHI posted core earnings of P2.8 billion in the first semester, up by 4.3 percent from last year.
Net income attributable to equity holders of the parent company during the six-month period, however, plunged by almost 67 percent to P2.3 billion, due primarily to the one-time gain from the Bank of the Philippine Islands and Robinsons Bank merger booked in early 2024.
For the second quarter alone, attributable net income declined by 13.2 percent year-on-year to P1.5 billion on the back of higher equitized losses from minority investments and uptick in interest expenses given increased borrowings.
Consolidated net sales in the second quarter, however, rose by 5.9 percent to P50.7 billion as a result of blended same store sales growth (SSSG) of 4.8 percent due to election and back-to-school-related spending.
RRHI said the slower inflation last quarter also supported consumer spending, positively impacting both the company’s essential and discretionary categories.
It said that notable business drivers for the second quarter were the food, drugstore and department store format.
“The sustained recovery in basket sizes, along with our continued focus on improving assortment has enabled us to accelerate growth and exceed our full-year SSSG target in the second quarter,” RRHI president and CEO Stanley Co said.
Co said the company intends to build on its momentum by further expanding its store network and driving operational efficiencies in the coming months.
As of end-June, RRHI has 2,471 stores consisting of 763 food stores, 1,145 drugstores, 51 department stores, 228 DIY stores and 284 specialty stores.
The company also has 2,116 franchised stores of TGP.
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