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Robinsons Retail nets P1.09B in first quarter

Robinsons Retail Holdings Inc. opened 2023 with a net income of over P1 billion, driven mainly by the growth of its core business in the first quarter of the year.

In an emailed statement, RRHI said its core net income climbed 20.5% to P1.094 billion from P907 million. Net income, however, declined by 46.5% to P683 million from P1.276 billion.

Consolidated net sales increased 13.1% to P44.6 billion, with same-store sales growth up 9.2% on the back of fresh contributions from new stores.

Double-digit growth was also recorded for the supermarkets, drugstores, department stores, and convenience store segments.

“Our dynamic growth strategies and multiformat business model has enabled us to capture the resilience in consumer spending,” RRHI president and chief economic officer Robina Gokongwei said.

“As such, we will continue to open stores in underserved area, improve efficiency within our stores through assortment changes and streamlining expenses, and capitalize on our growing digital presence to reach more shoppers,” she added.

RRHI carries international brands such as “Handyman Do it Best,” “True Value,” “Toys ‘R’ Us,” “Uncle John’s,” “Daiso Japan,” “Pet Lovers Centre,” “No Brand,” and domestic brands “Savers Appliances,” “South Star Drug,” “The Generics Pharmacy,” and “Super50.”

Shares in RRHI closed Thursday at P53.55 apiece, down by P0.2 or 0.37% from Wednesday’s finish of P53.75. —VAL, GMA Integrated News