Robinsons retail net income falls to P2.93B

ROBINSONS Retail Holdings Inc. ended 2020 with P2.93 billion in unaudited net income attributable to the equity holders of the parent company, down 25.2 percent from P3.92 billion in 2019.

Its unaudited consolidated net sales amounted to P151 billion, a 7.3 percent reduction from the previous year. The drop in net sales was due to the economic effects of the Covid-19 pandemic.

Sales include the two months’ results of Rose Pharmacy, which was acquired in October 2020.

Robinsons Retail’s e-commerce sales continued to rise, registering a nearly three times increase from the previous year including sales from third party platforms.

Blended same store sales growth (SSSG) was negative 8.9 percent for full year 2020 mainly due to the performance of the non-essential formats which were closed for eight weeks in 2020.

However, SSSG of the supermarket segment was strong at 7.7 percent. SSSG of the drugstores segment ended flat, as sales of prescription drugs slowed down in the second half of the year with fewer people visiting hospitals.

SSSG of the department store, do-it-yourself and convenience store segments were down in 2020 but showed improvement in the fourth quarter as quarantine restrictions eased. (PR)


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