Robinsons Retail Holdings, Inc., a listed member of the Gokongwei Group, said Friday net profit in the third quarter jumped 29 percent year-on-year to P1.01 billion, with one-off gains from asset sale overshadowing flat operating income and a 3.1 percent growth in sales.
Robinsons Retail, which operates 4,576 retail outlets including department stores, DIY stores, pharmacy, and food stores, reported operating income of P2.27 million in the July-September quarter, up just 0.6 percent, even as net sales rose 3.1 percent to P48.7 billion.
The third quarter result lifted core net earnings in the January-September period by 7.6 percent to P4.1 billion due to higher sales and improved operational efficiencies.
Nine-month net income attributable to equity holders surged over threefold year-on-year to P7.8 billion, driven by a one-time gain from the merger of Robinsons Bank with the Bank of the Philippine Islands recorded in the first quarter. Earnings per share also saw a significant rise to P5.38.
Net sales in the January-September period was up 3 percent to P142.4 billion.
Gross profit for the nine-month period increased by 4.3 percent to P34.3 billion, with the third quarter contributing Php11.8 billion, reflecting a 4.0 percent growth. This improvement is a result of a better sales mix and enhanced support from vendors. Operating income also saw a 3.7 percent increase to P6.4 billion for the first nine months, although it remained flat at Php2.3 billion in the third quarter due to higher costs associated with the establishment of two new distribution centers aimed at supporting the company’s store expansion.
Robina Gokongwei-Pe, president and chief executive officer of Robinsons Retail, said in a statement that the resilience of the company’s staple businesses, particularly in food and drugstores, helped drive sales growth. “We expect to see an uplift in sales in the months ahead as consumers regain their confidence amid easing inflation. We remain committed to long-term value creation, including advancing sustainability efforts across our retail portfolio,” said Gokongwei-Pe.
By the end of September, Robinsons Retail operated 758 food stores, 1,101 drugstores, 50 department stores, 225 DIY stores, and 279 specialty stores. Additionally, the company has 2,163 franchised stores of The Generics Pharmacy, further strengthening its retail presence across the Philippines.
