The Gokongwei-led Robinsons Retail Holdings Inc. (RRHI) has more than doubled its net income for full year 2013 due to increased sales from new stores and the consolidation of South Star Drug.
In a filing with the Philippine Stock Exchange, RRHI reported that it ended 2013 with a record-high unaudited consolidated net income of P3.1 billion, up 127.1 percent from P1.3 billion it had in the full year 2012.
The unaudited consolidated net income attributable to equity holders of the parent company also increased by 123.5 percent from P1.2 billion in 2012 to P2.7 billion in 2013.
”The surge in net earnings was largely due to the increase in sales from new stores, the full year consolidation of South Star Drug which was acquired in July 2012, the resilient same store sales growth of 2.5 percent as well as the expansion in gross margins and steady operating expenses,” the recently listed firm told the local bourse.
As of end-2013, RRHI’s store network reached 1,064 or an addition of 152 new stores from 912 stores in 2012.
With that, consolidated net sales of the retail giant rose by 17.2 percent to P67.3 billion in 2013 from P57.4 billion in 2012.
RRHI raised total net proceeds of P26.3 billion during its initial public offering (IPO) in November 2013, touted to be the country’s largest IPO to date.
In 2013, RRHI made two acquisitions which include Beauty Skinnovations Retail, Inc, which operates eight Shiseido stores and two Benefit stores, and Eurogrocer Corp., an operator of a chain of six supermarkets in Northern Luzon.
The company spent a total capital expenditure of P2.8 billion, an increase of 46.3 percent from the previous year’s capex of P1.9 billion.