Robinsons Retail Holdings Inc. said Thursday net income last year dropped nearly 30 percent to P4.1 billion due to foreign exchange losses resulting from the peso’s appreciation and a loss of equalized earnings with the derecognition of Robinsons Bank’s net income following the bank’s merger with the Bank of Philippine Islands, and losses from start-up investments.
Net sales last year rose 7.4 percent to P192.1 billion as the economy reopened, with same store sales rising 3.9 percent despite inflationary pressures and a high base in 2022. Supermarkets and drugstores were the company’s main growth drivers.
Gross profit came in at P45.6 billion in 2023, higher by 7.9 percent year-on-yer due to an assortment shift and sustained penetration of private label brands.
Operating income grew by 2.3 percent year-on-year to P8.9 billion while core net earnings inched up 0.6 percent year-on-year to P5.6 billion.
Robinsons Retail’s investment in BPI yielded a net positive carry, significantly better than earlier expected as borrowings related to the purchase of the BPI shares were reduced faster than planned.
“The strategic initiatives we put in place in 2023 such as increasing market coverage and improving store efficiency proved instrumental in maintaining our growth trajectory despite the challenging operating environment. As we move forward in 2024, we are optimistic that we can capture the expected recovery in consumer confidence, particularly as inflation pressures begin to subside. We remain committed to expanding our business prudently, balancing the needs of our retail customers with the interests of our diverse stakeholders,” said Robina Gokongwei-Pe, president and chief executive officer of Robinsons Retail.
Robinsons Retail ended 2023 with a total of 2,393 stores consisting of 349 supermarkets, 1,054 drugstores, 50 department stores, 230 DIY stores, 408 convenience stores, and 302 specialty stores. It also has over 2,100 franchised stores of drugstore TGP.
