MANILA, Philippines – Robinsons Retail Holdings Inc. (RRHI) spent P3.53 billion in the first half or more than two-thirds of the full year budget as as it continues to grow its business.
As of the end of June, Robinsons Retail had 1,527 stores while its gross floor area increased by 10.7 percent to about 998,000 square meters.
Including The Generic Pharmacy’s franchised store portfolio of 1,878, the group’s total store network hit 3,405.
RRHI reported an 8.6 percent rise in its first half earnings to P2 billion while core earnings went up 13.5 percent to P1.75 billion.
In the second quarter, RRHI’s net income climbed 14.4 percent to P1.24 billion while core net earnings rose 16.3 percent to P1.05 billion.
Consolidated net sales for the second quarter expanded by 18.5 percent to P25.64 billion due to the sustained high single-digit same-store sales growth, sales contribution of the new stores as well as sales from Savers Appliances (acquired in September last year) and The Generics Pharmacy (acquired in May).
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For the first six months, net sales went up 16.9 percent to P48.33 billion, partly due to the successful and peaceful national elections in May, lower commodity prices and stable interest rate environment.
RRHI said its balance sheet remained solid with cash, cash equivalents and liquid marketable securities amounting to P27.65 billion as of the end of the first half.