Robinsons Retail’s fourth-quarter income doubled to P1.8 billion

ROBINSONS Retail Holdings, Inc. (RRHI) doubled its profit in the fourth quarter as the company saw increased consumer spending during the holidays.

In a disclosure to the exchange on Tuesday, RRHI said it saw a 114% growth in net income attributable to parent to P1.77 billion from P825 million in the same quarter in 2020.

“The positive performance in the last quarter of 2021 shows how we came together as a company with unwavering dedication, amid the continued challenges of COVID-19 (coronavirus disease 2019) throughout the year,” RRHI President and Chief Executive Officer Robina Y. Gokongwei-Pe said.

RRHI’s net sales posted a 7% growth to P44.4 billion from P41.49 billion year on year. The company said its sales were “propelled” by the increased spending amid the holiday season on top of the easing of pandemic restrictions in Metro Manila.

The company said its e-commerce sales surged by three times compared with the fourth quarter in 2020. E-commerce sales made up for 3.9% of its total sales.

RRHI recorded a same-stores sales growth of 2.3%, boosted by the “strong performance” of its drugstore, department store, convenience store, and specialty store segments.

Its “strong” fourth-quarter performance also improved full-year results. The company’s net income attributable to parent climbed 39.2% for the year ending 2021, generating P4.48 billion from P3.22 billion the previous year.

RRHI’s net sales in 2021 also inched up 1.5% to P153.33 billion from P151.07 billion.

“We entered 2022 driven by our constant goal to remain focused on our customers’ needs,” Ms. Gokongwei-Pe said.

“We look forward to reinvigorated business activity as alert levels fall due to better responses to the pandemic, while the nation forges ahead with a clearer path towards a more open economy,” she added.

RRHI shares at the stock exchange declined 0.97% or 60 centavos to close at P61.10 per share. — Keren Concepcion G. Valmonte