Robinsons Retail net income drops 34.3% in H1 2023

Robinsons Retail Holdings, Inc. (RRHI) reported a 34.3 percent decrease in net income for the first half of 2023, amounting to P1.8 billion, primarily due to higher foreign exchange losses and losses from associates.

Despite the decline in net income, RRHI experienced robust growth in its net sales and core net earnings during the same period.

Consolidated net sales increased by 10.5 percent to P91.0 billion, while core net earnings rose by 10.6 percent to P2.36 billion, driven by strong performance across various retail segments.

The company's President and CEO, Robina Gokongwei-Pe, attributed the growth to an expanding multi-format retail portfolio and the ability to offer relevant products and services.

Key growth drivers included a blended same-store sales growth of 6.3 percent and contributions from new store openings.

Supermarkets, drugstores, and department stores showed double-digit revenue growth, reflecting sustained demand from the middle market.

Operating income also saw a positive trend, increasing by 6.8 percent to P3.9 billion due to the positive topline performance.

RRHI remains committed to prudent financial management and strategic decision-making to capitalize on future opportunities and create value for stakeholders.