Robinsons Holdings revenues hit P138B

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Robinsons Retail Holdings Inc. said profit for the first nine months of the year dropped 37.7 percent to P3 billion from P4.81 billion last year.

It, however, managed to grow its revenues by 8.7 percent to P138.2 billion from P127.09 billion.

“The company was able to generate growth in net sales and core net earnings despite the impact of inflation on consumption and a challenging base last year which benefitted from economic reopening and election-related spending,” the company said.

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“Core net earnings exclude foreign exchange gains/losses, interest income from bonds, equity in earnings from associates, interest expense related to the BPI (Bank of the Philippine Islands) acquisition financing, BPI cash dividends, and others,” it added.

Robinsons Retail said its core earnings amounted to P3.79 billion, up 4 percent from P3.64 billion.

The uptick in sales was supported by blended same store sales growth of 5 percent and store expansion initiatives, it added.

The company said its core staples businesses — supermarkets and drugstores — were the main revenue growth drivers in the first nine months of 2023, accounting for almost 75 percent of Robinsons Retail’s revenues for the period.

“Meanwhile, a bright spot in the discretionary portfolio was the department store segment, which was able to deliver double-digit topline growth due to back-to-school and continued out-of-home activities,” it added.

“Our defensible business model has enabled us to continue growing and remain relevant among Filipino consumers. This is notwithstanding near-term macroeconomic challenges, particularly the impact of inflation on consumer sentiment. These headwinds are temporary, in our view, and we thus remain positive on the long-term potential of the domestic retail industry given the Philippines’ attractive demographics. We will continue to invest with a long-term view and in a sustainable manner — core strategies that we firmly believe will translate to greater stakeholder value,” said Robina Gokongwei-Pe, Robinsons Retail chief executive officer.

 

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