Robinsons Retail profit down 14%

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    Gokongwei-led Robinsons Retail Holdings Inc. posted profit of P2.39 billion for the first nine months of the year, down 13.9 percent from P2.78 billion last year.

    Net sales was at P109.6 billion, down 5.7 percent, as the company continued to weather the challenges of COVID-19.

    The company said that while the nine-month period showed a declining result, the third quarter overall results showed an upward trend compared to the previous quarter, “signifying that the retail climate bottomed out in 2Q 2020, which had stricter lockdown restrictions.”

    “Although they remain cautious, customers and businesses are adjusting to the new normal with safety measures implemented in stores. At same time, consumers are also exploring alternative channels to purchase goods from virtual platforms, such as Viber communities and social media marketplaces, which is now collectively referred to as social commerce,” it said.

    Last October 16, Robinsons Retail announced its acquisition of Rose Pharmacy Inc., the leading drugstore player in the Visayas, with close to P9 billion in annual sales, opening ripe opportunities for synergies and growth in the drugstore business.