MANILA, Philippines – Despite temporary store closures due to the coronavirus pandemic, earnings of Robinsons Retail Holdings Incorporated (RRHI) jumped in the 1st quarter of 2020.
In a disclosure to the Philippine Stock Exchange on Wednesday, April 29, RRHI reported a 45% surge in its net income to P923 million in the first 3 months of the year, due to strong performance of Rustan’s.
Core net earnings or profits from its main business increased by 32.7% to P784 million.
Consolidated net sales expanded by 7.3% to P40.1 billion despite temporary closure of some stores mid-March.
RRHI noted that supermarkets, drugstores, and convenience stores, which provide basic necessities during the lockdown, comprised 77% of consolidated sales.
“Blended SSSG (same store sales growth) for the 1st quarter ending March 2020 was strong at 6.9% as evidenced by the high sales induced by panic buying for essential goods such as food and medicines, most especially in March,” RRHI said.
Supermarkets generated 18.7% of RRHI’s same store sales growth or revenues gained from existing outlets, while drugstores sustained 13.7% growth.
While supermarkets and drugstores were up by double digits, RRHI noted that other businesses are “in the negative territory” amid the pandemic. (READ: [OPINION] Business unusual: When the business community responds to a virus)
The company spent a total of P558 million in capital expenditures for the quarter. – Rappler.com