Robinsons Retail Holdings, Inc.'s Core Net Earnings Higher by 8% in 9M24

Robinsons Retail Holdings, Inc.’s core net earnings grew by 7.6% to P4.1 billion in the first nine months of the year due to an increase in gross profit and higher operating efficiencies.

Meanwhile, net income attributable to equity holders of the parent company (NIAP) surged over threefold year-on-year to P7.8 billion due to a one-time gain from the merger of Robinsons Bank into the Bank of the Philippine Islands (BPI), which was booked in the first quarter of 2024. Likewise, earnings per share (EPS) increased substantially to Php5.38 per share in the nine-month period.

The company’s net sales hit P142.4 billion for year-to-date September 2024, up by 3.0%, driven by sustained contributions from its core food and drugstore segments. Third quarter 2024 net sales reached P48.7billion, 3.1% higher.

Gross profit for the nine-month period grew by 4.3% to P34.3 billion and by 4.0% to P11.8 billion in the third quarter, reflecting an improvement in sales mix and enhanced vendor support. Operating income rose by 3.7% to Php6.4 billion for the first nine months and was flattish in the third quarter to P2.3 billion on the back of higher costs from two new distribution centers to support the company’s store expansion plans.

"Our year-to-date performance reflects the resilience of our staples businesses, particularly in food and drugstores. We expect to see an uplift in sales in the months ahead as consumers regain their confidence amid easing inflation. We remain committed to long-term value creation, including advancing sustainability efforts across our retail portfolio to ensure a lasting impact on our stakeholders," said Robina Gokongwei-Pe, President and CEO of Robinsons Retail Holdings, Inc.

As of September 30, 2024, Robinsons Retail operated a total of 2,413 stores consisting of 758 food stores, 1,101 drugstores, 50 department stores, 225 DIY stores, and 279 specialty stores. It also has 2,163 franchised stores of TGP.