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Robinsons Retail earnings plunge 22.5% to P3.3B


LISTED Robinsons Retail Holdings Inc. saw its net income drop by 22.5 percent to P3.36 billion in the first three quarters of 2019 from P4.35 billion in the same period last year despite booking higher net sales.

In a disclosure on Tuesday, the Gokongwei-led retail giant said its net sales rose by 26.5 percent to P116.16 billion from the year-earlier P91.87 billion on the back of improved same-store sales growth (SSSG).

Net income attributable to the parent company slipped by 25 percent to P2.88 billion in the first nine months from P3.83 billion a year ago. Core net profit slid by 22.5 percent to P3.36 billion in the January-to-September period from P3.52 billion year-on-year.

Gross income climbed by 29 percent to P26.69 billion, while operating income increased by 14.6 percent to P5.33 billion.

“The improvement in gross margins was attributable to our larger-scale improvement in category mix and the consolidation of higher margin business of Rustan’s [Supercenters Inc.],” the retailer said, referring to the upmarket grocery chain.

SSSG stood at 3.2 percent as of end-September, which falls within the firm’s target range of 2 to 4.0 percent.

As of end-September, Robinsons Retail has 1,918 stores, excluding The Generics Pharmacy franchised stores. The number is made up of 268 supermarkets, 50 department stores, 215 do-it-yourself stores, 509 convenience stores, 517 drugstores and 369 specialty stores.

The listed retailer has a gross floor area of 1.44 million square meters, up 20.3 percent year-on-year.

Robinsons Retail shares climbed by 55 centavos or 0.73 percent to end at P76.25 apiece on Wednesday.


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