Robinsons Retail Holdings Inc., the retail arm of the Gokongwei Group, delivered record earnings in 2022, with net profit rising 27 percent to P5.74 billion—a level above pre-pandemic levels—bolstered by strong sales as the economy returned to normalcy and improved operating efficiencies.
Consolidated net sales rose 17 percent year-on-year to P178.8 billion, also higher than the levels recorded before the COVID-19 pandemic.
Same store sales were up 12 percent while core earnings, which excludes items such as foreign exchange gains and interest income from bonds, jumped 39 percent to P5.3 billion.
Robinsons Retail said sales got a boost from eased mobility restrictions that allowed more workers to return to work, students to return to school, people to travel and visit tourism destinations, and a return to the usual Christmas celebrations.
Changes in category mix and economies of scale enabled Robinsons Retail gross profits 20 percent higher to P42.2 billion. Operating income soared 43 percent to P8.7 billion due to better operating leverage and various cost savings.
Earnings per share jumped a higher 31 percent to P3.85 as a result of the company’s share buyback program.
“We are pleased with our operating performance in 2022. Building on the momentum last year, our company will continue to take advantage of the economy’s return to normal. We will focus on improving store efficiency and increasing market coverage with more stores in the pipeline for 2023.”
Robina Gokongwei Pe, President and CEO of Robinsons Retail Holdings, Inc.
