Robinsons Retail net income more than doubles in Q2

Robinsons Retail Holdings Inc. (RRHI) announced that its net income in the second quarter of 2022 more than doubled to P1.6 billion, surpassing pre-pandemic levels.

This net income is 44.7% higher than the P1.1 billion recorded in the second quarter of 2019, before the COVID-19 pandemic.

The company's net sales also saw a significant increase, reaching P42.9 billion in the second quarter, a 19.8% rise from 2021 and 7.7% higher than the pre-pandemic level in 2019.

The surge in profitability is attributed to strong operating performance and the sustained positive impact of austerity measures implemented in the previous year.

For the first half of 2022, RRHI's net income reached P2.7 billion, a 64% increase year-on-year, with net sales climbing 15.3% to P82.4 billion.

RRHI president and CEO Robina Gokongwei Pe expressed optimism, citing the excellent performance of the company's various brands and continued cost-efficiency efforts.

She added that the company is poised to expand its offline and online presence and broaden its product and service offerings to cultivate stronger customer relationships.