RRHI reports Q2 net income decline despite sales growth

Robinsons Retail Holdings Inc. (RRHI) reported a decline in net income for the second quarter, attributing it to higher equitized losses and increased interest expenses.

Net income fell by 13.2% to P1.492 billion from P1.719 billion in the same period last year, while net sales rose 5.9% to P50.660 billion due to election- and back-to-school-related spending as well as slower inflation.

Notable business drivers for the quarter were the food, drugstore, and department store formats, with blended same-store sales growth reaching 4.8%. Core earnings grew by 3.9% to P1.52 billion.

The company aims to expand its store network and improve operational efficiencies moving forward, entering the motorcycle dealership business through the acquisition of Premiumbikes Corp. for P146.4 million.

RRHI's portfolio includes various retail brands such as 'Handyman Do it Best,' 'True Value,' and 'Toys 'R' Us,' with a total of 2,471 stores across different categories by the end of the first half.