Robinsons Retail Sees Signs of Recovery, Posts P2.4B Net Income in Jan-Sept

Robinsons Retail Holdings Inc said Thursday it posted net income of P2.4 billion in the nine months to September period, as third quarter numbers showed that consumption had begun to recover from the coronavirus lockdown.

The Gokongwei-led retailer is easily adapting to the new normal that requires people to stay at home, thanks to a group-wide digital shift. It operates e-commerce platforms gorobinsons.ph, southstardrug.com.ph, and robinsonsappliances.com.ph.

Net sales in the first nine months of the year was at P109.6 billion, a 5.7% decline from the same period in 2019, the company said in a statement.

“Our 3Q 2020 financials give us some optimism that the worst may have passed for RRHI and the retail sector. Compared to 2Q, we saw significant improvements in our results across the majority of our formats," said Robinsons Retail President and CEO Robina Gokongwei Pe.

ALSO READ:

Robinsons Retail acquires Rose Pharmacy

WATCH: Coke, Pepsi, Jollibee, McDo, SM, Robinsons in One Ad

"We are hopeful that the uplift continues for the rest of the year. COVID-19’s impact on people, businesses, and the overall economy is still very much felt and apparent, and our year-on-year numbers remain down," she said.

"Yet we are seeing signs of recovery amidst an age of social distancing and safety precautions, and all of us are adapting to this new dynamic in retail. Through any disruption, we are committed to bringing the best products and services that we can to our customers,” she said.

Excluding the franchised stores of TGP, Robinsons Retail ended September 2020 with a total of 1,853 stores comprising of 263 supermarkets, 49 department stores, 223 do-it-yourself stores, 481 convenience stores, 521 drugstores and 316 specialty stores.