Robinsons Retail grows in net profit

With its expanding store network, Robinsons Retail Holdings (RRHI) has grown its net profit for the first nine months by 5.8 per cent year-on-year to PHP3.49 billion (US$68.2 million).

Excluding one-off items and earnings from its 40 per cent stake in Robinsons Bank, RRHI’s core retailing net profit increased by 12.9 per cent to PHP3.12 billion.

Consolidated net sales reached PHP81.18 billion, up by 10 per cent on steady same-store sales and the contribution of the new stores. Excluding the new stores, same-store sales growth was 2.8 per cent. In various segments the growth was: supermarkets, 2.1 per cent; convenience stores, 2.6 per cent; DIY hardware, 7.2 per cent; drugstores, 2 per cent; and specialty stores, 8.4 per cent.

Blended gross margins expanded by 80 points to 22.4 per cent for the period, attributed to increasing scale and improvement in category mix.

Operating income rose by 16 per cent to PHP4.22 billion, and EBITDA went up by 13.2 per cent to PHP5.74 billion, the margin expanding by 20 points 7.1 per cent.

Supermarkets continued to account for the largest share of the group’s consolidated net sales, contributing 46 per cent to total business in the nine months.