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MANILA, Philippines– Profits of Robinsons Retail in 2022 eclipsed pre-pandemic levels, benefiting from revenge spending amid high inflation.
Full-year net income of Robinsons Retail stood at P5.7 billion, 26.7% higher against the same period last year and 41.2% higher than pre-pandemic 2019.
Core earnings, which exclude foreign exchange gains, interest income from bonds, among others, grew 39.1% to P5.3 billion.
Meanwhile, consolidated net sales reached P178.8 billion, a 16.6% increase from a year ago, as store sales climbed 11.8%.
“In 2022, our businesses directly benefited from the economy’s gradual return to normalcy, including back to face-to-face classes in schools, increased travel and tourism, and the first normal holiday season in two years,” Robinsons Retail said.
Robina Gokongwei Pe, Robinsons Retail president and CEO, said the company will focus on “improving store efficiency and increasing market coverage with more stores in the pipeline for 2023.” –Rappler.com
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