Robinsons Retail profit up 12% as sales exceed P100 billion
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by Land Asia Listings
- March 21, 2017
- Real Estate Updates
- 0
Posted on March 21, 2017
http://www.bworldonline.com/
ROBINSONS RETAIL Holdings, Inc. posted 12% more earnings last year, as same-store sales during the election period as well as contribution of new outlets and recent acquisitions brought its consolidated revenues above P100 billion.
Such a pace, however, trails the 22% increase in Robinsons Retail’s net income in 2015 from the P3.56 billion announced for 2014 despite the boost from additional spending during the elections period.
In the fourth quarter alone, Robinsons Retail netted P1.54 billion or 12.7% over the P1.37 billion registered for the same period in 2015. Its revenues rose 14.1% to P31.48 billion in the October to December period, from P27.59 billion a year ago.
Excluding interest income from bond investments, equitized net earnings from its 40% stake in Robinsons Bank and foreign exchange gains or losses, Robinsons Retail grew its earnings 14% to P4.12 billion from P3.62 billion.
The company attributed the improvement in its 2016 financial results to the same-store sales growth (SSSG) accelerated by election spending.
“Robinsons Retail posted a record high SSSG at 6.7%, with all business segments exhibiting robust same-store sales performance,” President and Chief Operating Officer Robina Y. Gokongwei-Pe said in the statement.
Same-store sales grew 7% last year, exceeding the 3-5% target for the whole group. The supermarkets posted an increase in same-store sales by 6%; department stores by 5%; do-it-yourself stores by 8%; convenience stores by 4%; drugstores by 7%; and specialty stores by 12%.
Robinsons Retail also cited the contribution 72 outlets opened last year as well as the retail concepts it acquired, namely Savers Appliances in September 2015, The Generics Pharmacy in May 2016, De Oro Pacific Home Plus in August 2016 and Chic Center in October 2016.
“Our acquisitions have provided opportunities to strengthen our current business segments. The company’s trajectory of further expansion into areas outside Metro Manila will continue to foster new growth in yet underpenetrated areas, especially in Visayas and Mindanao,” Ms. Gokongwei-Pe said.
As of end-December 2016, Robinsons Retail operated 1,578 stores and expanded its total gross floor area by 7% to more than 1 million square meters. It also operated 1,912 outlets of The Generics Pharmacy.
Shares in Robinsons Retail closed 90 centavos or 1.10% lower at P81 apiece on the Philippine Stock Exchange on Monday.
