New store openings, forex gains buoy profits of Gokongwei retail arm
Robinsons Retail Holdings Inc. said net income expanded by 21.7 percent to P1.21 billion in the first quarter.
The growth was driven by increased income from new outlets and the five-fold jump in foreign exchange gains due to the weakness of the peso against the US dollar.
Consolidated revenues rose 12.6 percent to P28,96 billion million on strong same store sales growth.
Robinsons Supermarket registered recorded P13.5 billion, up 13.8 percent year-on-year, driven by 14 new stores that opened.
The department store business chalked up P3.56 billion in net sales, representing an increase of 8.5 percent.
Sales from the drugstore segment went up 9.2 percent to P3.8 billion. South Star Drug accounted for 72.8 percent of the drugstore segment?s total sales with the balance contributed by TGP Pharma, Inc
The specialty segment likewise reported healthy growth in sales of P3.7 billion, up 17.5 percent year on year.