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RRHI profit down by 33.2% in Q2 as lockdown crimped sales

/ 04:32 AM August 01, 2020

Gokongwei-led multibrand retailer Robinsons Retail Holdings Inc. (RRHI) saw a 33.2-percent year-on-year decline in second quarter net profit to P719 million with sales weighed down by the shutdown of most stores in line with the government-sanctioned quarantine measures against the COVID-19 pandemic.

This brought RRHI’s first semester net income to P1.64 billion, down by 4.1 percent from the previous year, based on the retailer’s disclosure to the Philippine Stock Exchange.

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Consolidated net sales in the second quarter declined by 12.4 percent year-on-year to P34.9 billion, bringing full-year sales to P75 billion, down by 2.9 percent.

Sales were affected by the temporary closure of nonessential stores during the enhanced community quarantine imposed by the government starting March 17. Majority of the company’s stores across all formats resumed operations only on May 16, following relaxed quarantine restrictions. However, operating hours have been shortened and foot traffic is still down.

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Excluding the sales from newly opened stores to allow for a better year-on-year comparison, RRHI’s same store sales declined by 13.9 percent in the second quarter and by 3.8 percent in the first semester. —DORIS DUMLAO-ABADILLA

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TAGS: Robinsons retail holdings inc., RRHI
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