Robinsons Retail Holdings, Inc.’s (RRHI) core earnings for full-year 2024 jumped 12.3% to P6.3 billion, driven by higher gross profit and improved operational efficiencies. Meanwhile, net income attributable to equity holders of the parent company more than doubled to P10.3 billion due to the one-time gain from the merger of Robinsons Bank into the Bank of the Philippine Islands booked in the first quarter. In the fourth quarter, net income attributable to equity holders of the parent company and core earnings increased 62.4% and 21.9% YoY to Php2.5 billion and P2.3 billion, respectively, due to higher same store sales growth and better cost dynamics.
The company’s consolidated net revenues for full-year 2024 stood at P99.2 billion, up 3.7%, underpinned by sustained growth of the food and drugstore businesses, alongside incremental sales from new stores. Blended same store sales growth for the period was at 1.5%. For the fourth quarter, net sales amounted to P56.8 billion, up 5.3% YoY on robust same store sales growth of 3.4%, driven by the food (+4.1%) and department store (+6.6%) segments. Gross profit in the fourth quarter expanded by 8.7% to P13.8 billion given improved assortment, increased penetration of imported and private label brands, and continued vendor support. Resulting full-year 2024 gross profit was P48.1 billion, 5.5% higher YoY. Operating income, on the other hand, climbed at a brisker pace of 9.1% to Php9.8 billion for 2024, and managed to grow 20.9% in the fourth quarter to P3.4 billion as cost optimization efforts helped offset the pick-up in expansion-related costs. “Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions. Such an achievement is a testament to the resiliency of our core business and our ability to be agile to evolving market dynamics. Looking ahead in 2025, we remain steadfast in looking for more ways to grow the business, while continuing to integrate our sustainability agenda into our value chain,” said Stanley Co, President and CEO of Robinsons Retail Holdings, Inc. As of December 31, 2024, Robinsons Retail has 2,453 stores consisting of 761 Food Stores, 1,133 Drugstores, 50 Department Stores, 227 DIY Stores, and 282 Specialty Stores. It also has 2,115 franchised stores of TGP.
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