Consumer-related firms continued to flourish in the first quarter of the year with median growth reported at 11.9 percent, said online stockbroker Colfinancial.com.
“Consumer companies generally performed within or below expectations during the first quarter. Among the 13 companies we cover, six – Century Pacific Food Inc., Emperador Inc., Monde Nissin Corp. Robinsons Retail Holdings Inc., SSI Group Inc. and Universal Robina Corp. – performed in line with estimates,” it said.
“Jollibee Foods Corp., and Puregold Price Club Inc. exceeded expectations,” it added.
“Earnings of consumer companies grew by a median rate of 11.9 percent year on year on the back of resilient domestic spending and resumption of pent-up demand as the economy continued to reopen. The latest figure marks a slight slowdown from the comparable 16.3 percent in fourth quarter 2022 and 25.6 percent in fiscal year 2022 as pent-up consumer demand and companies’ respective cost bases began to normalize,” Colfinancial also said.
Combined revenues of consumer companies
grew 15.6 percent as consumer firms generally benefitted from minimal mobility restrictions and the reopening of the domestic economy, it said.
Growth was led by the rebound of restaurant sales which grew up 31 percent, followed by higher sales from retailers which grew 14.3 percent and manufacturers – 9.1 percent.
Colfinancial said among the different sectors, restaurants logged the fastest growth ( up 85.8 percent) owing to the recovery of domestic demand despite cost inflation, followed by retailers ( up 13.1 percent) and manufacturers (up 6 percent).
Core earnings of manufacturers grew by a median rate of 6 percent. Retailers’ profit grew a median rate of 13.1 percent.
Restaurants’ profit grew a median rate of 85.8 percent.
