Robinsons Retail income improves by 2.4% to P945M

JGSUMMIT.COM.PH

ROBINSONS Retail Holdings, Inc. said its net income attributable inched up by 2.4% to P945 million during the January-to-March period from the P923 million generated in the same quarter in 2020.

“Amid the present volatility of the business environment, we are strengthening our strategies to constantly adapt to our customers’ needs and create shared value for our stakeholders,” said Robina Gokongwei-Pe, president and chief operating officer of Robinsons Retail, in a statement on Thursday.

Meanwhile, sales declined by 11.1% to P35.6 billion from the P40.06 billion seen a year ago.

Same store sales growth (SSSG) also slowed by 16.1% from when “panic buying for essential goods such as food and medicines” were reported in the period last year for the company’s supermarket and drugstore segments, leading to record high SSSGs.

Varying quarantine measures implemented in the first three months of the year also affected the sales of other formats, versus the 15 days of lockdowns imposed in 2020.

E-commerce sales during the first quarter went up sevenfold from the same period in the previous year, with GoRobinsons generating the most sales.

GoRobinsons offers products from Robinsons Supermarket, The Marketplace, Shopwise, Handyman, True Value, Toys ‘R’ Us, and No Brand.

Robinsons Retail’s drugstore and appliances segments are also available online.

“Rose Pharmacy, which was acquired in October 2020, contributed to the operating income in the first quarter of 2021, faster than targeted, arising from the synergies with Southstar Drug,” Robinsons Retail said.

The company’s operating income declined by 30.5% to P1.16 billion from P1.67 billion. Robinsons Retail said it reduced operating expenses by 6.8% year on year, without disclosing specific figures.

“We remain agile as we accelerate the growth of our e-commerce programs while ensuring that necessary cost controls are in place,” Ms. Gokongwei-Pe said.

For the quarter, Robinsons Retail’s EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to P2.83 billion, down by 15.1% from P3.33 billion.

Shares of Robinsons Retail closed unchanged at the stock market on Thursday at P51.90 each. — Keren Concepcion G. Valmonte