Robinsons Retail books over P5-billion profit in Q1 

Robinsons Retail Holdings Inc. (RRHI) on Friday reported an unaudited net income of P5.2 billion for the three months ended March 2024, more than seven times the P683 million booked in the same period last year, according to a report by Manila Times.

Net income attributable to the parent's equity holders swelled by 9.5 times year on year to P5.1 billion, due to a one-time gain from the January 1 merger between the Bank of the Philippine Islands and Robinsons Bank Corp.

Amid the impact of the Holy Week holidays that prompted some stores to close for two days in March, total net sales edged up by 2.9 percent to P45.9 billion from the P44.6 billion recorded in the first quarter of 2023.

The sales growth was attributed to increased sales from new stores and continued brisk demand in the food retail and drugstore segments, which accounts for over 80 percent of the business.

"We are optimistic that an acceleration in our topline is underway as we continue to open stores and see improved consumption trends aided by inflation reverting to the government's target range," RRHI President and Chief Executive Officer Robina Gokongwei-Pe said.

The company, however, remains cautious of external headwinds, including the mounting geopolitical tensions in the Middle East, which could affect commodity prices and create tighter market competition, she continued.

"[W]e will persist in implementing strategies to differentiate ourselves, which include offering the most relevant products and services to our target market and providing an exceptional shopping experience through ambient enhancements."

"Cost controls also remain a priority, and the savings we generate will be reinvested back into the business to further drive growth," she added.

RRHI ended the first quarter of this year with a total store network of 2,399, consisting of 756 food segment stores, 1,072 drugstores, 50 department stores, 224 Do-It-Yourself outlets and 297 specialty stores. The company's network also includes more than 2,100 franchise stores of The Generics Pharmacy.

Shares in Robinsons Retail rose 0.14 percent to close at P36 apiece on Friday amid a 0.82-percent advance for the benchmark Philippine Stock Exchange index.