Robina Gokongwei has reason to be optimistic about 2022: Robinsons Retail Q1 earnings rise 25%
Business

Robina Gokongwei has reason to be optimistic about 2022: Robinsons Retail Q1 earnings rise 25%

Robinsons Retail Holdings Inc. sustained its growth trajectory in the first quarter with a net income of P1.2 billion, up 24.8 percent from the same period last year on higher sales across all segments as consumers flock back to malls.

In a regulatory filing, RRHI said net sales climbed 10.7 percent to ₱39.4 billion as the company benefited from its diversified formats.

E-commerce sales doubled, contributing 4.1 percent to total sales.

Drugstore, department store and specialty store segments delivered double-digit same store sales growth given increased economic activity resulting from eased restrictions starting February.

Gross profit jumped by 11.3 percent to ₱9.1 billion with better product mix and higher vendor support.

“The strong first quarter performance validates our optimism entering 2022. We saw upbeat performance across our formats in the first quarter of 2022 as consumers regained greater mobility to visit stores and grew even more accustomed to online shopping.,” said Robina Gokongwei Pe, president and CEO of RRHI.

“For the rest of the year, we are hopeful that the re-opening story we have been waiting for will be more apparent, with the resumption of face-to-face classes and return of more employees to on-site work arrangemen. We also anticipate the presidential elections to boost spending. While rising inflation could lead to down trading, we expect this to be offset by pent-up demand with consumers being more inclined to spend as the economy opens up,” he added.

 

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