Robinsons Retail posts lower net income in H1 due to merger gain

Robinsons Retail Holdings Inc. (RRHI) reported a 66.9 percent drop in net income for the first half of the year to P2.3 billion, mainly due to a one-time gain from the Bank of the Philippine Islands-Robinsons Bank merger recognized in early 2024.

Excluding this non-recurring item, RRHI's core earnings increased by 4.3 percent to P2.8 billion in the first half.

Net sales for the six-month period grew 5.1 percent year-on-year to P98.5 billion, supported by a 3.9 percent blended same-store sales growth (SSSG).

Spending during the election season and back-to-school period, coupled with easing inflation, boosted both essential and discretionary sales, with key drivers including the food, drugstore, and department store formats.

Operating income in the first half rose 5.2 percent to P4.3 billion, driven by supplier support, better product mix, improved inventory management, and prudent cost controls.

RRHI President and CEO Stanley Co stated that the sustained recovery in basket sizes and focus on assortment has enabled the company to accelerate growth and exceed its full-year SSSG target in the second quarter.