Robinsons Retail reports lower net income but higher core earnings in H1

Robinsons Retail Holdings Inc., part of the Gokongwei Group, reported a 34.3% decline in net income to P1.8 billion for the first half of 2023 due to higher foreign exchange losses and equitized losses from associates.

Despite this, core earnings grew by 10.6% to P2.4 billion, driven by resilient business prospects and strong same store sales growth of 6.3%. Total sales increased by 10.5% to P91 billion with gross profit expanding by 111.4% to P21.5 billion.

Robinsons Retail president & CEO Robina Gokongwei-Pe expressed satisfaction with the company's performance, attributing it to sustained demand from the broad middle market.