GOKONGWEI-LED retail firm Robinson Retail Holdings Inc. said net income in the first six months jumped 21.9 percent on robust sales across its retail store brands and newly opened stores.
In a statement, Robinsons Retail said net profit grew to P1.551 billion in the first half from P1.272 billion a year earlier while revenue went up 18.1 percent to P36.98 billion.
The company opened 240 new stores during the period, and as of end-June, Robinsons Retail now has 1,180 stores in its portfolio, up from 940 last year. “The company is on track to meet its target of ending 2014 with approximately 1,400 stores,” it said.
Other than new stores, same store sales growth of 3.2 percent also contributed to the earnings growth, as well as the profitability of newly acquired businesses — six stores of EZ Supermarket chain, three stores of Jaynith’s supermarket chain, eight Shiseido cosmetics stores and two Benefit cosmetics shops.
“Despite increasing competition, I am very happy that we were able to sustain the strong sale stores sales growth for the period. We have started to operate the stores of A.M. Builders’ Depot this July, our entry into the big box segment of the hardware business,” said Robina Gokongwei-Pe, president and chief operating officer of Robinsons Retail.
The company opened a new food retail format on Friday (August 15), Robinsons Easymart, which Gokongwei-Pe said is “a network of compact neighborhood grocery stores” or a mini-mart convenience store format offering customers convenience and accessibility “at competitive prices.”