Robinsons Retail earned P4.85b in ’16
Robinsons Retail Holdings Inc., the retail holding company of the Gokongwei group, said net income in 2016 grew 11.6 percent to P4.85 billion from P4.34 billion in 2015, on aggressive store expansion and recent acquisitions.
RRHI said in a disclosure to the stock exchange 2016 consolidated revenues jumped 15.9 percent to P105.3 billion from P90.9 billion a year ago, on strong same-store sales growth and sales contribution from 72 newly opened stores in 2016.
The retail holding firm said the same- store sales growth across the company stood at a record 6.7 percent, exceeding its target of 3 percent to 5 percent for the year due to election-related spending.
The recent acquisitions made the company, including the purchase of Savers Appliances, The Generics Pharmacy, De Oro Pacific Home Plus and Chic Centre also helped boost sales in 2016.
RRHI operated a total of 1,578 stores as of end-2016 and expanded its gross floor area of 7.3 percent to hit slightly over one million square meters of floor space.
This is on top of the 1,912 stores with the acquisition of The Generics Pharmacy.