Robinsons consolidates retail units

    59

    Robinsons Retail Holdings Inc. is consolidating unit Robinsons Inc. and its own subsidiaries Robinsons Toys Inc., Robinsons Gourmet Food and Beverage Inc. into Robinsons Supermarket Corp.

    As part of the consolidation, Robinsons Supermarket will be issuing 84.33 million shares with a par value of P1 for the consolidated net assets of Robinsons Inc., as of end-2018.

    “The merger is expected to increase operational efficiency by reducing back-end paper work and processes by and among these companies,” the company said.

    Robinsons Retail in November said profit for the first nine months of the year reached P2.88 billion, down 25 percent from the prior year’s P3.83 billion as a result of adjustment to a new accounting rule.

    Sales reached P116.16 billion, up 26.5 percent from P91.82 billion last year, driven by same store sales growth (SSSG) of 3.2 percent, additional sales coming from new stores opened in the last 12 months and the consolidation of Rustan Supercenters.

    “The share of the supermarket segment expanded to 55 percent of the entire business, from 47 percent in the same period last year pre-Rustan. Consolidated net sales for the quarter increased by 24.2 percent to P38.9 billion,” the company said.