LISTED Robinsons Retail Holdings, Inc. (RRHI) grew its attributable net income by 36.2% to P1.72 billion in the second quarter (Q2) from P1.26 billion last year, driven by higher net sales.
Second-quarter net sales increased by 3.1% to P47.82 billion from P46.39 billion in 2023, RRHI said in a statement to the stock exchange on Tuesday.
Core net earnings for the April to June period rose by 15.3% to P1.46 billion, while operating income increased by 7.3% to P2.21 billion.
For the first half of the year, RRHI’s attributable net income surged by 3.8 times to P6.8 billion from P1.8 billion a year ago, following a one-time gain from the merger between Bank of the Philippine Islands and Robinsons Bank Corp. in the first quarter.
Net sales during the first six months grew by 3% to P93.71 billion from P90.98 billion in 2023.
“The standout segments in terms of revenue growth for the quarter were food, drugstores, and department stores,” RRHI said.
“Blended same store sales growth (SSSG) in the second quarter still rose by 0.5% even with persistent inflation while first half blended SSSG registered at 0.7%,” it added.
Core net earnings increased by 12.1% to P2.65 billion, while operating income rose by 5.5% to P4.1 billion.
“Operating income continued to accelerate relative to the top line, attributed to improvements in the sales mix, higher vendor support, and optimized costs,” RRHI said.
Robina Y. Gokongwei-Pe, president and chief executive officer (CEO), said that the company is optimistic about maintaining its earnings momentum through the latter part of 2024, driven by accelerated store openings.
She noted that the easing inflationary pressures are expected to positively impact consumer spending.
“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,” she said.
Last week, RRHI announced that Ms. Pe will step down as company president and CEO effective Jan. 1 next year. She will be replaced by Stanley C. Co, who currently serves as chief operating officer.
In turn, Ms. Pe will become RRHI’s chairman, replacing her brother Lance Y. Gokongwei, who will step down as chairman and member of the board to become board adviser.
As of end-June, RRHI has 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 The Generics Pharmacy.
RRHI stocks dropped by 1.1% or 40 centavos to P36 per share on Tuesday. — Revin Mikhael D. Ochave
