Robinsons Retail Holdings, Inc. Reported P1.5 Billion in Core Net Earnings in Q2 2024, Up 15.3%

Robinsons Retail Holdings, Inc.’s core net earnings rose by 15.3% in the second quarter of 2024 to P1.5 billion, driven by higher gross profit and operating efficiencies. First half core net earnings grew by 12.1% to P2.6 billion.

Net income attributable to equity holders of the parent company (NIAP) rose by 36.2% to Php1.7 billion in the second quarter, aided by higher dividend income from the Bank of the Phil[1]ippine Islands (BPI) and lower losses from associates. First half NIAP amounted to Php6.8 billion, 3.8 times higher versus the prior year following the one-time gain from the BPI-Robinsons Bank merger in the first quarter.
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Net sales grew by 3.1% in the second quarter to Php47.8 billion, with first half net sales amounting to Php93.7 billion, up by 3.0%. The standout segments in terms of revenue growth for the quarter were food, drugstores, and department stores. Blended same store sales growth (SSSG) in the second quarter still rose by 0.5% even with persistent inflation while first half blended SSSG registered at 0.7%.

Operating income continued to accelerate relative to the topline, attributed to improve[1]ments in the sales mix, higher vendor support, and optimized costs. Operating income grew by 7.3% to Php2.2 billion in the second quarter and by 5.5% to Php4.1 billion in the first half.

“We continue to generate earnings growth by focusing on controllable factors such as open[1]ing stores in strategic locations, enhancing our merchandise mix, and streamlining costs. We are confident that we can sustain the earnings momentum in the latter half of the year as we accelerate store openings, while moderating inflation should be a boon for consumer spending”, said Robina Gokongwei-Pe, President and CEO of Robinsons Retail Holdings, Inc.

As of June 30, 2024, Robinsons Retail operated a total of 2,401 stores consisting of 755 food stores, 1,082 drugstores, 49 department stores, 224 DIY stores, and 291 specialty stores. It also has over 2,100 franchised stores of TGP.