Robinsons Retail Holdings Inc. said its attributable income for the nine months of the year grew 62 percent to P4.4 billion from the previous P2.71 billion on higher sales.
Net sales for the period grew 16 percent to P127.09 billion from last year’s P108.92 billion, as the company said it saw growth in most of its business segments, gross margin expansion, better operating leverage and foreign exchange gains.
“Robinsons Retail’s stellar performance in the third quarter validates our view that the retail climate in the Philippines remains healthy notwithstanding rising inflation. Sustained reopening trends have translated to higher volumes and operating leverage. 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,” said Robina Gokongwei Pe, the company’s president and CEO.
For the third quarter alone, the company’s attributable core income rose 61 percent to P1.67 billion from the previous year’s P1.04 billion.
Meanwhile, core net earnings, or its net income excluding foreign exchange movements, interest income from bonds, equitized net earnings from Robinsons Bank, and others, surged by 91 percent to P1.44 billion for the quarter from the previous year’s P756 million.
Net sales grew 19 percent to P44.7 billion, ending the period above pre-pandemic levels, from last year’s P37.47 billion.
The growth was driven by same store sales growth (SSSG) of 15.1 percent, a turnaround from -1.3 percent last year. This brings its blended SSSG for the three quarters at 11.8 percent.
Higher transaction count for the third quarter was due to improved mobility particularly from back-to-school trends, return-to-work mandates and increased travel and tourism boosted SSSG, the company said.
Robinsons Retail income for Jan-Sep grows 62% on higher sales
Source: News Paper Radio
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