Robinsons Retail income jumps 45% in Q1 on strong grocery sales

Robinsons Retail Holdings Inc. (RRHI) reported a 45% jump in attributable net income to P923 million in the first quarter of 2020, driven by strong performance in its premium grocery shop operator, Rustan Supercenters, Inc.

The company's net sales also grew by 7.3% to P40.06 billion during the same period, despite the implementation of enhanced community quarantine (ECQ) measures.

During the ECQ, only essential retail formats like supermarkets, drugstores, and convenience stores were permitted to operate, comprising 77% of the company's consolidated sales.

RRHI's supermarkets achieved a record same store sales growth (SSSG) of 18.7%, while its drugstores posted a double-digit growth of 13.7%.

Panic buying observed in March contributed to the overall SSSG of 6.9% for RRHI's existing stores.