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Robinsons Retail’s profit dropped 29.5% in Q3

Robinsons Retail Holdings Inc. said Thursday net income attributable to equity holders of the parent company contracted 29.5 percent in the third quarter to P750 million from P1.06 billion in the same period last year.

Third-quarter net sales also declined 11.1 percent to P34.6 billion from P38.9 billion in the same quarter in 2019, the company said in a disclosure to the stock exchange.

RRHI said the third-quarter results showed an upward trend compared to the previous quarter, signifying the retail climate bottomed out in the second quarter.

RRHI president and chief executive Robina Gokongwei Pe said the company was seeing signs of recovery as the company continued to weather the challenges of pandemic.

“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,” Gokongwei Pe said.

“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.

RHHI said while customers remained cautious, the people were adjusting to the new normal with safety measures implemented in stores.

Consumers are also exploring alternative channels to purchase goods from virtual platforms.

RRHI said net income in the first nine months went down by 13.9 percent to P2.39 billion as consolidated net sales declined by 5.7 percent to P109.5 billion.

Blended same store sales growth was negative 6.4 percent in the first nine and negative 11.7 percent in the third quarter.

Supermarket SSSG was 11.5 percent in the nine-month period and 2.1 percent in third quarter.

RRHI said the slowdown in SSSG in the third quarter was due to weaker consumer spending given the overall decline in disposable income.

RRHI ended September 2020 with 1,853 stores, including 263 supermarkets, 49 department stores, 223 do-it-yourself stores, 481 convenience stores, 521 drugstores and 316 specialty stores.

Topics: Robinsons Retail Holdings Inc. , net income
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