Robinsons Retail Doubles Net Profit

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Robinsons Retail Holdings Inc. said Friday net income more than doubled to P1.55 billion in the second quarter from P724 million in the same period last year, fueled by positive operating performance and full-quarter impact of the austerity measures implemented last year.

RRHI said in a disclosure to the stock exchange the second-quarter net income also exceeded the pre-pandemic level in 2019 by 44 percent.

Second-quarter consolidated net sales jumped 19.8 percent to P42.9 billion from P35.8 billion a year ago. Same-stores sales rose 15.5 percent on higher transaction count across segments, given improvements in mobility and easing of border restrictions. Operating income went up 75 percent to P2 billion from previous year’s level of P1.16 billion.

“Our banners performed very well during the second quarter. Our cost-efficiency efforts have also continued to yield positive results,” RRHI president and chief executive Robina Gokongwei Pe said.

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