Robinsons Retail net income down 54.5% in Q1

Robinsons Retail Holdings Inc. (RRHI) reported a 54.5% drop in net income to P537 million in the first quarter of 2023, weighed down by higher interest expense from acquisition financing, foreign exchange losses, and lower earnings from associates.

However, the company's core net income grew by 20.5% to P1.1 billion, excluding these one-off items.

Consolidated net sales increased by 13.1% to P44.6 billion, driven by a 9.2% same-store sales growth and contributions from new stores.

All major segments, including supermarkets, drugstores, department stores, and convenience stores, showed double-digit revenue growth.

RRHI president and chief economic officer Robina Gokongwei highlighted the company's successful strategies in capturing resilient consumer spending through its multiformat business model.

The company plans to continue expanding its store network in underserved areas, enhance in-store efficiency, and leverage its digital presence.