Rustan’s lifts Robinson Retail’s Q3 bottomline
The country’s second largest multi-format retailer reported a net income of P1.25 billion in the third quarter, down by only 9.7% due to the faster turnaround at Rustan Supercenters Inc.
Robinsons Retail Holdings Inc.’s net earnings would have been up 10.5% to P1.3 billion year on year were it not for the impact of the a new accounting standard on leases (PFRS 16) effective Jan.1 this year.
The third quarter profit was driven by the better performance of Rustan which registered positive net income. This brings RRHI’s nine-month net income to P3.6 billion.
Consolidated net sales jumped 24.2% to P38.95 billion in the third quarter and 22.25% higher in January to September to P116.16 billion due to additional sales coming from new stores that opened in the last 12 months and consolidation of Rustan.
The share of supermarket segment expanded to 55% of RRHI’s entire business from 47% in same period last year pre-Rustan.
Excluding the franchised stores of The Generics Pharmacy, RRHI ended September with a total of 1,918 stores comprising of 258 supermarkets, 50 department stores, 215 do-it-yourself stores, 509 convenience stores, 517 drugstores and 369 specialty stores.
The group’s gross floor area expanded by 20.3% year-on-year to 1.44 million square meters.