Robinsons Retail net income drops 13.2% in Q2

Robinsons Retail Holdings Inc. (RRHI) experienced a 13.2% decrease in net income during the second quarter, reporting P1.492 billion compared to P1.719 billion in the same period last year.

The decline in net income was primarily attributed to increased equitized losses from minority investments and higher interest expenses resulting from greater borrowings.

Despite the drop in net income, RRHI saw a 5.9% rise in net sales, reaching P50.660 billion, with gross profit also climbing by 6.6% to P12.334 billion.

For the first half of the year, net attributable net income fell significantly by 66.9% to P2.252 billion, largely due to the absence of a one-time gain from the Robinsons Bank and BPI merger in the previous year.

RRHI president and CEO Stanley Co expressed optimism about the company's performance, citing the recovery in basket sizes and improved assortment as drivers for exceeding their full-year same store sales growth target in the second quarter.

The company plans to sustain this growth by expanding its store network and enhancing operational efficiencies in the upcoming months.

RRHI's diverse brand portfolio includes well-known names such as Handyman Do it Best, True Value, Toys 'R' Us, South Star Drug, and The Generics Pharmacy, among others.