Robinsons Retail nets P4.5-B last year

Gokongwei-led Robinsons Retail Holdings Inc. (RRHI) posted higher income and net sales last year, buoyed by a good fourth quarter performance.

In a filing to the exchange on Tuesday, RRHI said its attributable income ended at P4.48 billion last year, up 39.2 percent from P3.22 billion in 2020.

The company recorded a more than double attributable profit of P1.77 billion in the fourth quarter alone from P825 million year-on-year.

Net sales for the year also inched up by 1.5 percent to P153.33 billion from P151.07 billion a year ago.

The increased spending and eased restrictions in the fourth quarter pushed RRHI’s net sales to improve by 7 percent to P44.4 billion in October to December from P41.49 billion in the same period last year.

“The positive performance in the last quarter of 2021 shows how we came together as a company with unwavering dedication, amid the continued challenges of Covid-19 throughout the year,” RRHI President and Chief Executive Officer Robina Gokongwei Pe was quoted as saying.

Same store sales growth for the quarter ended at 2.3 percent from the strong performance of its drugstore, department store, convenience store, and specialty store segments.

The company’s e-commerce also grew three times year-on-year in the fourth quarter and accounted for 3.9 percent of total sales.

“We look forward to reinvigorated business activity as alert levels fall due to better responses to the pandemic, while the nation forges ahead with a clearer path towards a more open economy,” Gokongwei Pe said.

Shares of RRHI lost 60 centavos or 0.97 percent to finish at P61.10 each on Tuesday.

If you like this article, share it on social media by clicking any of the icons below.

Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.

The article was originally published in The Manila Times and written by Faye Almazan.