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Multi-format retailer posts record profit as economy normalizes

By Joann Villanueva

February 2, 2023, 4:52 pm

MANILA – The continued reopening of the economy benefited Robinsons Retail Holdings, Inc. (RRHI) which reported on Thursday a 26.7-percent year-on-year jump in net income to PHP5.7 billion.
 
In a statement, RRHI dubbed 2022 as “a stellar year” for the company after noting that the rise in net income last year surpassed its 2019 performance by 41.2 percent.
 
It said earnings per share (EPS) registered a faster expansion of 30.6 percent in 2022 “supported by our ongoing stock buyback program.”
 
Similarly, core income also posted a new record after jumping by 39.1 percent to PHP5.3 billion.
 
Consolidated net sales rose by 16.6 percent on an annual basis to PHP178.8 billion due largely to the 11.8 percent increase in same store sales growth (SSSG) and the opening of new stores.
 
“In 2022, our businesses directly benefited from the economy’s gradual return to normalcy, including back to face-to-face classes in schools, increased travel and tourism, and the first normal holiday season in two years,” the firm said.
 
The RRHI said gross profit last year hit PHP42.2 billion, up by 19.8 percent, after it surpassed sales due to “changes in category mix and economies of scale”, it said.
 
RRHI president and chief executive officer (CEO) Robina Gokongwei Pe said the company is “pleased with our operating performance in 2022.”
 
“Building on the momentum last year, our company will continue to take advantage of the economy’s return to normal. We will focus on improving store efficiency and increasing market coverage with more stores in the pipeline for 2023,” she added. (PNA)
 

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