Robinsons Retail earns 14.9% more in H1

Robinsons Retail Holdings Inc. reported a 14.9 percent increase in net income in the first half to P2.6 billion as consolidated net sales grew to P60.5 billion.

Net sales grew 13 percent from P53.5 billion, driven by strong same store sales growth and sales contribution of new stores.

In the second quarter alone, net income rose 9.6 percent to P1.4 billion while net sales increased to P31.5 billion.

Higher consumption driven by increased take-home pay as a result of the tax reform law boosted growth, Robinsons Retail said.

“The supermarket segment, which contributed 46.1 percent to consolidated net sales and 42.1 percent to consolidated EBITDA, led the growth with same store sales growth at 8.6 percent, along with specialty stores at nine percent in the first half of 2018,” it added.

Robinsons Retail had 1,742 stores at the end of the first half.

“Further store expansion for 2018 is set to continue with 75 percent of new store openings scheduled during the second half of the year. Gross floor area increased by 10.3 percent year-on-year to 1.18 million square meters,” the company said.

In terms of gross margins, Robinsons Retail said margins expanded by 20 to 22.5 percent as a result of increasing scale and improvement in category mix.

Robinsons Retail, owned by the Gokongwei family, has several wholly-owned subsidiaries and affiliates which include Robinson’s Supermarket Corp., Robinson’s Handyman, Robinsons Appliances Corp., South Star Drug, The Generics Pharmacy, Everyday Convenience Stores, Robinsons Specialty Stores, and Savers Electronic World.