Robinsons Retail profit rises 15%

MANILA, Philippines - Fresh sales contribution from new stores and higher revenues from existing branches allowed the multi-format retail chain of the Gokongwei family to record higher earnings in the first quarter.

Robinsons Retail Holdings Inc. said core net earnings, which excludes equitized income from Robinsons Bank and interest income, rose 15.2 percent to P530 million in the first three months of the year. Net income, including equitized earnings of Robinsons Bank, rose 2.4 percent to P643 million from a year ago.

Consolidated net sales picked up 16.1 percent to P17.4 billion in the first quarter from P15 billion.

Robinsons Retail attributed the growth to “sales contribution from new store openings at 12.6 percent, the respectable 2.4-percent same-store sales growth and the balance from the sales contribution of the newly-acquired businesses.”

The retail chain acquired the six-store EZ Supermarket chain, the three-store Jaynith’s supermarket and eight Shiseido and two Benefit cosmetics stores.

From April 2013 to March 2014, Robinsons Retail added 222 stores to reach 1,145 from 923 last year, translating to an 18.8-percent growth in gross floor area to around 800,000 square meters.

“I am pleased with the first quarter performance of Robinsons Retail, especially on the exceptional performance of Robinsons Supermarket, South Star Drug and our DIY formats,” said company president and chief operating officer Robina Gokongwei-Pe.