EconomyEditor's PickRobinsons Retail reports 61% profit growth

November 9, 2022

ROBINSONS Retail Holdings, Inc.’s third-quarter attributable net income climbed 60.8% to P1.67 billion after booking double-digit growth in same-store sales.

“Robinsons Retail’s stellar performance in the third quarter validates our view that the retail climate in the Philippines remains healthy notwithstanding rising inflation,” said Robina Gokongwei-Pe, its president and chief executive officer, in a press release on Wednesday.

According to Ms. Gokongwei-Pe, the company registered higher volumes and operating leverage due to the reopening of the economy.

In the three months that ended September, the company’s topline totaled P44.72 billion, up by 19.3% from P37.48 billion last year.

Same-store sales growth was registered at 15.1%, turning around from the 1.3% decline in the same period last year.

For January to September, the company’s attributable net income rose by 62.7%, while core net earnings increased by 72.6% to P3.6 billion.

Year-to-date net sales reached P127.1 billion, up by 16.7% versus its showing a year earlier.

“We continue to invest in our multi-format categories – be it in the offline or online channels – as we remain steadfast in our commitment to provide quality products and services,” Ms. Gokongwei-Pe said.

On the stock market on Wednesday, shares in Robinsons Retail lost P1.85 or 3.35% to P53.45 each. — Justine Irish D. Tabile

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