Robinsons Philippines profit surges

Robinsons Retail Holdings says its net income rose 39.1 per cent to P781 million (US$17.5 million) in the first quarter of 2015.

Robinsons Philippines runs a raft of retail businesses split into six operating divisions: Robinsons Supermarket, Robinsons Easymart and Robinsons Selections; department stores; DIY stores under the Handyman Do it Best, True Value and the new big box hardware brand AM Builders’ Depot; Ministop convenience stores; South Star Drug and Manson Drug stores; and specialty stores selling appliances and consumer electronics.

It has 1356 stores – 211 more than at the end of March 2014.

In its quarterly trading disclosure the company says its core net earnings grew by 10.1 per cent to P584 million ($13.1 million) in the three months to March 31.

“I am pleased with our results of the first quarter of 2015, particularly our same store sales growth performance. Nonetheless, we remain vigilant as competition continues to intensify on all fronts,” RRHI president Robina Gokongwei-Pe said in the statement.

“We are optimistic with the recent opening of True Home, a segment of True Value focusing on furnishings at Robinsons Magnolia, and also excited about the scheduled launch of our first Costa Coffee in the middle of this year as well as the opening of our second Robinsons Selections, the premium format of our supermarket segment, at the Fort.”

Combined net sales grew 13.1 per cent to P19.72 billion ($442.8 million), largely due to contributions from new stores and a solid same-stores growth of 3.4 per cent.