Robinsons Retail Holdings Inc., the retail holding company of the Gokongwei family, posted a net income of P3.83 billion in the first nine months of 2018, up 9.8 percent from P3.49 billion year-on-year, on double-digit growth in revenues.
Robinsons Retail said in a disclosure to the stock exchange nine-month consolidated net sales rose 13 percent to P91.8, billion driven by the robust same store sales growth across all formats and the contribution of new outlets.
Nine-month operating income climbed 10 percent to P4.65 billion while core net earnings, which exclude interest, income from the 40-percent stake in Robinsons Bank and unrealized forex gains or losses, increased 12.7 percent to P3.5 billion from P3.1 billion on year.
“High consumption was sustained through the first nine months of 2018, coming from the rise in take-home pay among salaried workers with the TRAIN Law’s implementation at the beginning of the year,” Robinsons Retail said.
Same store sales growth for the group rose 6.6 percent from the target in the January-to-September period.
The supermarket segment, which contributed 46 percent to consolidated net sales, led with a positive same store sales growth of 8.6 percent in the first nine months of 2018.
Same store sales growth was also healthy across other segments during the same period, with specialty stores registering a growth 7.8 percent, Do-It-Yourself at 6.1 percent, convenience stores at 4.5 percent, drugstores at 2.9 percent, and department stores at 2.4 percent.
Net income in the third quarter was flat at P1.21 billion even as net sales rose 13 percent to P31.35 billion.
Excluding franchised branches of The Generics Pharmacy, Robinsons Retail ended September with a store count of 1,778, comprising of 158 supermarkets, 51 department stores, 206 DIY stores, 496 convenience stores, 499 drugstores and 368 specialty stores.
Gross floor area increased nine percent year-on-year to approximately 1.19 million square meters.
Share price of Robinsons Retail on Monday gained 0.6 percent to P78.50.