Robinsons Retail posts P3.8-B profit

Listed Robinsons Retail Holdings Inc. saw profits grow in the nine months through September this year as sales rose.

Robinsons Retail said net income during the period hit P3.8 billion, up 9.8 percent compared to the same period last year.

The company said total sales grew by 13.1 percent to P91.89 billion.

This was driven by robust same store sales growth (SSSG) across all formats and the sales contribution of new stores.

“High consumption was sustained through the first nine months of 2018, coming from the rise in take-home pay among salaried workers with the TRAIN law’s implementation at the beginning of the year,” Robinsons Retail said.

Robinsons Retail said same store sales growth for the group was above target at 6.6 percent during the nine-month period.   The supermarket segment, which contributed 46.5 percent to consolidated net sales and 43.5 percent to EBITDA, led with a strong SSSG of 8.6 percent during the nine months through September.

Likewise, SSSG was healthy across other segments during the same period, with SSSG for specialty stores at 7.8 percent, DIY at 6.1 percent, convenience stores at 4.5 percent, drugstores at 2.9 percent, and department stores at 2.4 percent.

Excluding franchised branches of The Generics Pharmacy, Robinsons Retail ended September 2018 with a total store count of 1,778, comprising of 158 supermarkets, 51 department stores, 206 DIY stores, 496 convenience stores, 499 drugstores and 368 specialty stores. Gross floor area increased by 9 percent year-on-year to approximately 1.19 million square meters.