RRHI income rises on strong sales

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Robinsons Retail Holdings Inc. (RRHI) said its attributable income in the first quarter rose 25 percent to P1.18 billion from the previous year’s P945 million, as many of its segments performed well.

Sales rose more than 10 percent to P39.42 billion from the previous P35.61 billion, as the company said it benefited from its diversified formats amid the imposition of varying quarantine restrictions.

Robinsons Retail said the company saw strong performance from essentials and double-digit sales growth in non-discretionary formats, while e-commerce sales “remained to be in a growth pattern” as it doubled compared to last year and contributed 4 percent of total sales.

“The strong first quarter performance validates our optimism entering 2022. We saw upbeat performance across our formats in the first quarter of 2022 as consumers regained greater mobility to visit stores and grew even more accustomed to online shopping,” Robina Gokongwei Pe, the company’s president and CEO, said.

“For the rest of the year, we are hopeful that the re-opening story we have been waiting for will be more apparent, with the resumption of face-to-face classes and return of more employees to on-site work arrangement. We also anticipate the presidential elections to boost spending. While rising inflation could lead to down trading, we expect this to be offset by pent-up demand with consumers being more inclined to spend as the economy opens up.”

The company said its same store sales growth was at 4.9 percent for the period. Drugstore, department store and specialty store segments delivered double-digit growth, given increased economic activity resulting from eased restrictions starting February.

RRHI’s attributable net income last year rose 39 percent to P4.47 billion from the previous P3.21 billion, despite flat sales.

Revenues came in flat at P153.32 billion from the previous P151.07 billion.  For the fourth quarter alone, when it made more than its income in 2021, the company’s profits doubled to P1.76 billion from the previous year’s P825 million. Revenues, meanwhile, grew 7 percent to P44.4 billion from the previous P41.49 billion.  Same store sales growth was at 2.3 percent, mainly due to the strong performance of the drugstore, department store, convenience store and specialty store segments.