Gokongwei-led Robinsons Retail Holdings Inc. on Tuesday reported core net earnings in the first half rising 12 percent to P2.64 billion from last year’s P2.36 billion.
Net sales rose 3 percent to P93.71 billion from P90.97 billion.
In the second quarter alone, core net earnings rose 15 percent to P1.46 billion from P1.26 billion. Net sales grew 3 percent to P47.82 billion from P46.38 billion.
The standout segments in revenue growth for the quarter include food, drugstores and department stores.
Blended same-store sales growth in the second quarter rose by a mere 0.5 percent even with persistent inflation while first-half blended SSSG averaged 0.7 percent.
Core net earnings exclude foreign exchange gains or losses, interest income from bonds, equity in earnings from associates, interest expense related to the acquisition financing of the Bank of the Philippine Islands shares, BPI cash dividends, a one-time gain from the BPI-Robinsons Bank merger, among others.
“We continue to generate earnings growth by focusing on controllable factors such as opening stores in strategic locations, enhancing our merchandise mix, and streamlining costs. We are confident that we can sustain the earnings momentum in the latter half of the year as we accelerate store openings, while moderating inflation should be a boon for consumer spending,” Robina Gokongwei-Pe, company president and CEO, said.
Robinsons Retail operates 2,401 stores consisting of 755 food stores, 1,082 drugstores, 49 department stores, 224 DIY stores and 291 specialty stores. It also has over 2,100 franchised stores of the Generics Pharmacy.
Operating income continued to accelerate relative to the topline, attributed to improvements in the sales mix, higher vendor support, and optimized costs, the company said.
Operating income grew 7 percent to P2.2 billion in the second quarter from last year’s P2 billion and by 5 percent to P4.1 billion in the first half from P3.87 billion a year ago.
