Robinsons Retail Holdings reports 123.5% rise in consolidated net income

MANILA, Philippines — The Gokongwei-led multi-format retailer Robinsons Retail Holdings Inc. (RRHI) posted a 123.5-percent rise in consolidated net income attributable to equity holders of the parent company to P2.68 billion.

Taking out the effect of the change in depreciation policy in 2013, the unaudited net income attributable to equity holders grew by 78 percent to P2.13 billion.

Including income attributable to minority, RRHI ended 2013 with record high unaudited consolidated net income of P3.054 billion, up 127.1 percent from a year ago.

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, a resilient same-store sales growth of 2.5 percent as well as the company’s expansion in gross margins and steady operating expenses.

RRHI’s store network reached 1,064 as of end 2013 or an addition of 152 new stores from 912 stores in 2012.

Consolidated net sales rose by 17.2 percent to P67.254 billion in 2013 from a year ago.