Robinsons Retail’s six-month profit up 36% to P1.9B

GOKONGWEI-led retailer Robinsons Retail Holdings Inc. (RRHI) booked a 36.2 percent year-on-year growth in first semester net income to P1.86 billion on higher sales from its expanding store network alongside some bond investment windfall.

RRHI’s core profit – which excludes the impact of foreign exchange volatility as well as RRHI’s earnings from its 40 percent equity in Robinsons Bank – grew by 11.1 percent year-on-year to P1.44 billion in the first semester, the company reported to the Philippine Stock Exchange on Friday.

Consolidated net sales in the first six months went up by 11.8 percent year-on-year to P41.35 billion, buoyed by sales contributed by 219 new stores and newly acquired businesses A.M. Builders’ Depot and Chavez Pharmacy.

Excluding the impact of these new outlets, sales from the same old network of stores grew by an average of 2.9 percent.