Robinsons Retail posts 26.7% increase in profit
ROBINSONS Retail Holdings, Inc. (RRHI) recorded a 26.7% increase in its attributable net income to P5.74 billion in 2022 from P4.53 billion the year prior.
“The surge in profitability is underpinned by positive contributions from all business segments coming from category mix improvements and operating efficiencies,” the company said in a disclosure to the stock exchange on Thursday.
“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,” it added.
In 2022, the company booked a consolidated net sales of P178.82 billion, up by 16.6% from the P153.33 billion recorded in the previous year.
“This was driven by same store sales growth of 11.8% as well as new store openings,” the company said.
Along with its topline and bottomline growth, the company also saw a 30.6% increase in its full-year earnings per share to P3.85 amid its share buyback program.
Meanwhile, changes to its category mix and economies of scales enabled the company to post a gross profit of P42.22 billion, 19.8% higher than the P35.23 billion last year, it said.
RRHI’s operating income grew by 43.3% to P8.68 billion in 2022 from P6.06 billion in 2021, which the company attributed to better operating leverage and various cost savings.
“We are pleased with our operating performance in 2022. Building on the momentum [from] last year, our company will continue to take advantage of the economy’s return to normal,” RRHI President and Chief Executive Officer Robina Gokongwei-Pe said.
“We will focus on improving store efficiency and increasing market coverage with more stores in the pipeline for 2023,” she added.
On Thursday, shares in RRHI declined by 35 centavos or 0.59% to close at P58.50 apiece. — Justine Irish D. Tabile