ROBINSONS Retail Holdings Inc.’s operating performance in the first half of 2023 remained resilient, with net sales and core net earnings growing by double-digits versus the same period last year.
This is notwithstanding the challenging base in the second quarter, as the second quarter of 2022 saw the company’s businesses benefit from economic reopening and election-related spending.
The company’s core net earnings came in at P2.4 billion in the first half of 2023, 10.6 percent higher year-on-year.
Earnings growth was mainly driven by a 10.5 percent increase in consolidated net sales to P91 billion and a higher growth in gross profit at 11.4 percent to P21.5 billion.
Topline sales were supported by blended same store sales growth of 6.3 percent and contributions from newly opened stores.
The supermarkets, drugstores and department store segments continued to post double-digit revenue growth owing to sustained demand from the broad middle market.
Net income attributable to equity holders of the parent company (Niat) declined by 34.3 percent in the first half of 2023 to P1.8 billion. Niat was affected by higher forex losses and equitized losses from associates. / PRROBINSONS Retail Holdings Inc.’s operating performance in the first half of 2023 remained resilient, with net sales and core net earnings growing by double-digits versus the same period last year.
This is notwithstanding the challenging base in the second quarter, as the second quarter of 2022 saw the company’s businesses benefit from economic reopening and election-related spending.
The company’s core net earnings came in at P2.4 billion in the first half of 2023, 10.6 percent higher year-on-year.
Earnings growth was mainly driven by a 10.5 percent increase in consolidated net sales to P91 billion and a higher growth in gross profit at 11.4 percent to P21.5 billion.
Topline sales were supported by blended same store sales growth of 6.3 percent and contributions from newly opened stores.
The supermarkets, drugstores and department store segments continued to post double-digit revenue growth owing to sustained demand from the broad middle market.
Net income attributable to equity holders of the parent company (Niat) declined by 34.3 percent in the first half of 2023 to P1.8 billion. Niat was affected by higher forex losses and equitized losses from associates. (PR)