Robinsons Retail nets P6.3B in 2022

Robinsons Retail Holdings Inc. (RRHI) on Thursday reported a 2022 unaudited net income of P6.30 billion, improving from the P4.85-billion recorded in 2021.

The surge in profitability was said to have been underpinned by positive contributions from all business segments, coming

from category mix improvements and operating efficiencies.

Consolidated net sales reached P178.8 billion in 2022, better than the P153.33-billiona year earlier. was driven by same-store sales growth of 11.80 percent as well as new store openings.

RRHI’s earnings per share also increased in 2022, rising by 30.6 percent for the full year to P3.85 from P2.95 in 2021, supported by its ongoing stock buyback program.

The firm said the results were due to its businesses directly benefiting from the economy’s gradual return to normalcy, including back to face-to-face classes in schools, increased travel and tourism, and the first normal holiday season in two years.

“Changes in category mix and economies of scale enabled us to grow our unaudited gross profit faster than sales, rising by 19.8 percent for the full year to P42.2 billion from P35.27 billion in 2021,” the company added.

RRHI’s operating income for 2022 also accelerated relative to the topline, increasing by 43.30 percent in 2022 to P8.7 billion from 6.06 billion in 2021 due to better operating leverage and various cost savings.

“We are pleased with our operating performance in 2022. Building on the momentum last year, our company will continue to take advantage of the economy’s return to normal. We will focus on improving store efficiency and increasing market coverage with more stores in the pipeline for 2023,” RRHI President and Chief Executive Officer Robina Gokongwei Pe said in a statement.