Robinsons Retail Holdings sees 4% core profit rise but net income drops 60%

Robinsons Retail Holdings Inc. (RRHI) reported a core profit increase of 4% to P4.23 billion for the first nine months of the year, driven by gross margin expansion.

However, the company's net income attributable to equity holders significantly dropped by 60% to P3.12 billion, mainly due to the absence of a one-time gain from the BPI-Robinsons Bank merger in the previous year.

RRHI's net sales increased by 5% to P149.28 billion between January and September, with same-store sales growth settling at 3%.

The company's third-quarter net sales reached P50.8 billion, and RRHI anticipates further growth during the Christmas season due to expected consumer demand.