Robinsons Retail profit slightly up
Robinsons Retail Holdings Inc. grew its net income by only two percent to P5.1 billion last year amid a tough business environment.
Core net earnings increased by 6.2 percent to P5 billion, driven by a five percent lift in operating income on the back of strong same store sales growth across all formats.
Net sales expanded by 15.1% to P132.7 billion owing to strong SSSG of 5.9%, sales contribution from 104 new stores and the one-month consolidation of the Rustan Supercenters Inc.
The supermarket segment continued to account for the biggest share of sales at 47 percent. Its share to total net sales is expected to further increase this year due to the full year consolidation of Rustans.
Excluding the franchised stores of The Generics Pharmacy, Robinsons Retail closed 2018 with a total of 1,910 stores comprising of 252 supermarkets, 52 department stores, 210 do- it-yourself stores, 499 convenience stores, 510 drugstores and 387 specialty stores.
The group’s gross floor area expanded by 28.8% year-on-year to 1.48 million square meters.