ROBINSONS Retail Holdings, Inc. (RRHI) reported a 2% rise in its net income attributable to equity holders of the parent company in 2018, as same-store sales growth (SSSG) grew across all formats.
In a statement, RRHI said its attributable net income stood at P5.08 billion last year, up from P4.97 billion in 2017.
Core net income jumped 6.2% to P5 billion for 2018, from P4.69 billion in the previous year. RRHI said its core income excluded interest from bonds, equitized net earnings from the 40% stake in Robinsons Bank, and unrealized foreign exchange gains/losses, and non-recurring expenses.
The Gokongwei-led retailer has yet to submit its annual report to the corporate regulator.
RRHI said its consolidated net sales increased by 15.1% to P132.7 billion in 2018, “driven by the strong blended SSSG of 5.9%, the sales contribution from the 104 net new stores opened during the twelve months of 2018 and the one-month consolidation of the Rustan Supercenters, Inc.”
The company said the bulk of sales or 47% came from the supermarket segment, although details were not disclosed. It noted Robinsons Supermarket’s share to total net sales is seen to rise this year, with the full consolidation of Rustan Supercenters.
“The strong SSSG in 2018 brought about by the increase in disposable income from the reduction in personal income tax was largely driven by the supermarket segment which recorded SSSG of 7.6%, followed by specialty stores at 6.9%, convenience stores at 5.1%, DIY at 5.0%, drugstores at 3.3%, and department store at 2.3%,” RRHI said.
Under the Tax Reform for Acceleration and Inclusion (TRAIN) law which took effect in January 2018, non-minimum wage earners receiving a monthly wage of P21,000 and below are exempted from paying the personal income tax. Those earning above the amount also received significant tax cuts.
RRHI said earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 7.6% to P9 billion.
Aside from Robinsons Supermarket, RRHI’s portfolio includes Robinsons Department Store, The Generics Pharmacy, South Star Drug, Handyman Do It Best, True Value, Toys “R” Us, Ministop, Daiso Japan, Costa Coffee, Savers Appliances, Top Shop and Dorothy Perkins.
The listed Gokongwei-led company ended 2018 with 1,910 stores, excluding the franchised stores of The Generics Pharmacy. Broken down, the figure includes 252 supermarkets, 52 department stores, 210 do-it-yourself stores, 499 convenience stores, 510 drugstores and 387 specialty stores.
RRHI’s gross floor area increased by 28.8% year on year to 1.48 million square meters. The retailer said it spent P4.4 billion in capital expenditures for 2018.
