Robinsons Retail net income climbs 32.7% in Q1 despite ECQ

Robinsons Retail Holdings Inc. (RRHI) on Wednesday reported a 32.7% climb in its core net income during the first quarter of the year, even with quarantine measures put in place to curb the spread of the coronavirus disease 2019 (COVID-19).

In an emailed statement, RRHI reported a 32.7% increase in its core net income to P784 million from P591 million in the first quarter of 2019. Net sales likewise grew 7.3% to P40.062 billion from P37.350 billion.

RRHI's core retail operations have six business segments -- supermarkets, department stores, DIY stores, convenience stores, drug stores, and specialty stores.

Its portfolio covers the brands "Handyman Do it Best," "True Value," "Toys "R" Us," "Ministop," "Daiso Japan," "Costa Coffee," and domestic brands "Savers Appliances," "South Star Drug," and "The Generics Pharmacy" (TGP).

"Only the essential retail formats, namely, supermarkets, drugstores and convenience stores which are establishments providing basic necessities are allowed to operate by the government during this period," said RRHI.

RRHI said supermarkets generated a record high same store sales growth (SSSG) of 18.7% during the first quarter, while the drugstore reported a double-digit growth of 13.7%.

"Both segments significantly drove SSSG while the rest of the formats are in the negative territory," said RRHI.

The enhanced community quarantine -- which has already been extended twice -- will lapse on May 15, two months after it was first ordered on March 17.—AOL, GMA News