GOKONGWEI-LED Robinsons Retail Holdings, Inc. (RRHI) said its attributable net income for the second quarter fell by 13.2% to P1.5 billion from P1.72 billion a year earlier due to higher interest expenses and losses from minority investments.
“Net income attributable to equity holders of the parent company was lower by 13.2% to P1.5 billion in the second quarter, driven by higher equitized losses from minority investments, and an uptick in interest expenses given increased borrowings,” RRHI said in a statement on Tuesday.
Consolidated net sales for April to June rose by 5.9% to P50.66 billion from P47.82 billion in the same period last year, due to election- and back-to-school-related spending as well as slower inflation. Blended same store sales growth (SSSG) reached 4.8%.
“Notable business drivers for the quarter were the food, drugstore, and department store formats,” RRHI said.
Core earnings grew by 3.9% to P1.52 billion, led by higher revenue growth and improved operating efficiencies.
For the first half, RRHI said its attributable net income fell by 66.9% to P2.25 billion from P6.8 billion in the previous year due to a one-time gain from the merger between Bank of the Philippine Islands and Robinsons Bank Corp., which was booked in early 2024.
Consolidated net sales rose by 5.1% to P98.48 billion, as blended SSSG reached 3.9%. Core earnings likewise improved by 4.3% to P2.76 billion.
“The sustained recovery in basket sizes, along with our continued focus on improving assortment has enabled us to accelerate growth and exceed our full-year SSSG target in the second quarter,” RRHI President and Chief Executive Officer Stanley C. Co said.
“We intend to build on this momentum by further expanding our store network and driving operational efficiencies in the coming months,” Mr. Co added.
As of end-June, RRHI had 2,471 stores, consisting of 763 food stores, 1,145 drugstores, 51 department stores, 228 DIY stores, and 284 specialty stores. The company also had 2,116 franchised TGP stores.
RRHI, through its subsidiary Robinsons Supermarket Corp., recently announced that it is entering the motorcycle dealership business through the acquisition of Premiumbikes Corp. from Lance Y. Gokongwei for P146.4 million.
Premiumbikes, which had 214 stores nationwide as of end-June, sells motorcycle brands such as Honda, Yamaha, Suzuki, Kawasaki, Kymco, and TVS.
RRHI shares fell by 1.52% or 60 centavos to P39 apiece on Tuesday. — Revin Mikhael D. Ochave
