Robinsons Retail Holdings Inc. netted P1.2 billion in profit in the first quarter of the year, up 24.8 percent from last year’s P945 million.
The retail arm of the Gokongwei Group of Companies said sales hit P39.4 billion, up 10.7 percent from P35.59 billion.
The company said it benefited from its diversified formats amid the imposition of different alert levels, with strong performance from essentials and double-digit sales growth of non- discretionary formats.
E-commerce sales remained to be in a growth pattern, which doubled compared to the first quarter of 2021 and contributed 4.1 percent of total sales.
Same store sales growth (SSSG) was at 4.9 percent, with the drugstore, department store and specialty store segments delivering double-digit SSSG.
“Gross profit improved by 11.3 percent to P9.1 billion with better product mix and higher vendor support,” Robinsons Retail also said.
Earnings before interest tax depreciation and amortization hit P3.4 billion, up18.7 percent.
“The strong first quarter performance validates our optimism entering 2022. We saw upbeat performance across our formats in the first quarter of 2022 as consumers regained greater mobility to visit stores and grew even more accustomed to online shopping,” said Robina Gokongwei Pe, Robinsons Retail president.
“For the rest of the year, we are hopeful the reopening story we have been waiting for will be more apparent, with the resumption of face-to-face classes and return of more employees to on-site work arrangement. We also anticipate the presidential elections to boost spending. While rising inflation could lead to down trading, we expect this to be offset by pent-up demand with consumers being more inclined to spend as the economy opens up,” she added.
