Robinsons Retail Holdings Inc. (RRHI) of the Gokongwei family has bought out a supermarket chain in Northern Luzon in a bid to expand its presence in the region as well as in other parts of the country.
Through its wholly owned subsidiary, Robinsons Supermarket Corp., RRHI has acquired 100 percent of the Eurogrocer Corp., operator of a supermarket chain in Tarlac, Northern Luzon.
Eurogrocer runs a chain of six supermarkets under the trade names EZ Mart and EZ Supermarket.
The transaction, which was sealed at P290 million, is still subject to the satisfaction of conditions mutually agreed upon by the parties involved.
“The acquisition allows RRHI to expand its presence in the province of Tarlac and nearby provinces in the Central and Northern Luzon,” RRHI said.
Robinsons Retail has expanded its store network from 912 as of end of 2012 to 982 as of September 30, 2013, driven primarily by continued store rollouts.
During the nine-month period ended September 30, RRHI increased its consolidated net income by 128.5 percent to P2 billion from the P894.5 million it recorded during the same period last year.
The increase, according to the firm’s financial report, was mainly driven by the growth in its operations income, which was backed by the new store openings, as well as the consolidation of South Star Drug. Same store sales growth of the company also hit 2.1 percent.
Also, consolidated net sales grew by 19.6 percent year-on-year to P47.2 billion for the nine-month period from the P39.4 billion recorded last year. The double-digit growth was attributed to the increase in sales volume as a result of the net addition of 111 stores.
RRHI is the country’s second largest multi-format retail company that operates nine retail formats including Robinsons Supermarket, Robinsons Department Store, Ministop, South Star Drug, Handyman, True Value, Howards Storage World, Robinsons Appliances, Toys R Us, Saizen, among others.