Robinsons Retail profit up 2.4 pct in Q1

Posted at 05/15/14 2:48 PM

MANILA, Philippines - Robinsons Retail Holdings on Thursday reported a slight increase in net income in the first quarter of the year.

Robinsons Retail said its net income, including equitized earnings of Robinsons Bank, reached P643 million in the January to March period, 2.4 percent higher than the same period last year.

Core net earnings grew 15 percent to P530 million for the first quarter, excluding the equitized earnings from Robinsons Bank and interest income.

The company, which operates Robinsons Supermarket and Ministop, reported consolidated net sales jumped 16% to P17.4 billion in the first quarter. This was attributed to sales contribution from new store openings and newly acquired businesses such as EZ Supermarket chain, Shisheido and Benefit stores.

Half of the sales (50%) came from Robinsons Supemarket, followed by Robinsons Department store (16%), DIY stores (Handyman, True Value and Howards Storage World, 11%) and South Star Drug (10%). The rest of the sales were from specialty stores, which include international brands Topshop, Dorothy Perkins and River Island, and Ministop.

The group's same-store sales increased by 2.4% in the first quarter, within its target of 2-3%, driven by supermarket, DIY stores and drug stores.

"I am pleased with the first quarter performance of Robinsons Retail, especially on the exceptional performance of Robinsons Supermarket, South Star Drug and our DIY formats. The pressure on our operating expenses should stabilize for the remainder of the year," Robina Gokongwei-Pe, president and COO of Robinsons Retail, said.