Robinsons Retail logs P4.23-B, 9-mo core profit

Robinsons Retail Holdings Inc. (RRHI) saw a 3.9-percent growth in its core profit in the first nine months, which reached P4.23 billion this year on a higher gross margin. That come from P4.07 billion in the same period last year.

However, the net income attributable to equity holders of the parent company fell by 60 percent to P3.1 billion from P7.8 billion.

This, amid the absence of a one-time gain from the Bank of the Philippines Islands and Robinsons Bank merger.

In the nine months to September, net sales improved by 4.8 percent to P149.2 billion. RRHI said third quarter sales remained strong despite weather disturbances and the shift in the start of the school year.

“The strength of our core businesses and our continued focus on operational efficiency have enabled the company to deliver sustained revenue growth and profitability,” RRHI president and CEO Stanley Co said in a disclosure on Friday.

“As we enter the peak retail season, we are optimistic that consumer demand across our banners will pick up,” Co said. “This should allow us to end the year strong, with healthy sales and earnings momentum.”

As of end-September, the company has 2,501 stores. These include 777 food stores; 1,158 drugstores; 51 department stores; 229 DIY stores; and 286 specialty stores.

Last July, RRHI entered the motorcycle retailing business via the acquisition of Premiumbikes Corp. for P146.4 million.

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Co said at that time, the decision “reflects our commitment to enhancing the retail experience and providing accessible, reliable and affordable products that meet the evolving needs of Filipino consumers.”

He acknowledged that while Premiumbikes operates 214 stores across the country, its presence remains “very small compared to the No. 1 player.”

“So, there’s definitely an opportunity for us to really expand and open more stores, capture more areas,” he said.