Robinsons Retail Holdings, Inc. sustained its momentum in the third quarter of 2021 as it reported a 38.7% jump in net income attributable to equity holders of the parent company to ₱1.0 billion from ₱750 million in the same quarter last year.
Net sales for the quarter rose 8.3% to ₱37.5 billion versus ₱34.6 billion last year, despite the two-week Enhanced Community Quarantine in August in NCR. This was predominantly driven by the double-digit Same Store Sales Growth (SSSG) of the drugstore segment and positive SSSG of the department store, convenience store and the appliance business.
E-commerce continued its aggressive growth reaching ₱1.8 billion in sales for the third quarter alone. This was 3.5x of e-commerce sales in 3Q2020 and already 4.8% of total sales for the quarter.
Gross profit increased by 7.8% to ₱8.6 billion for the third quarter. Operating income, likewise, grew 2.2% to ₱1.5 billion while EBITDA increased 2.6% to ₱3.2 billion.
Year-to-date results were still dampened by effects of the pandemic as sales still reflected a decline of 0.6% to ₱108.9 billion and a 10.4% dip in operating income. However, net income attributable to the equity holders of the parent for the nine-month period rose to ₱2.7 billion, 13.3% higher than 9M2020.
“The continued improvement in our third quarter performance is indicative of the pivot as the Philippine economy recovers. With more people getting vaccinated resulting in a drop in COVID-19 cases, quarantine/mobility restrictions are now relaxed. This further supports our view that we can sustain the growth momentum of the business into the succeeding quarters. While there are still challenges in the overall macro, Robinsons Retail will continue to focus on financial prudence while at the same time drive agility in bringing forward customer-centered innovation in all of our formats and channels. We continue to build on our digital strategy and further enhance our online capabilities to serve and fulfill the needs of our customers in the best possible way” said Robina Gokongwei-Pe, the President & CEO of Robinsons Retail Holdings, Inc.
