Robinsons Retail profit up 29.5% to P3.56 B in 2014

MANILA, Philippines - Robinsons Retail Holdings Inc., the multi-format retail chain of the Gokongwei family, said its profits last year grew 29.5 percent to P3.56 billion from P2.75 billion in 2013, fueled by higher income from operations and interest income.

Core net earnings, which exclude interest income on bond investments, equitized earnings and forex gains or losses, jumped 18 percent to P3.42 billion in 2014 from P2.9 billion the previous year.

“It has been a good year for Robinsons Retail for exceeding our like-for-like sales as well as expansion in gross floor area targets,” said Robina Gokongwei-Pe, Robinsons Retail president and chief operating officer.

The company said consolidated net sales was able to breach the P80 billion milestone for the first time last year as it went up 19.5 percent to P80.4 billion due to the sales contribution of 263 new stores in 2014 as well as full sales contribution of the 152 stores it opened the previous year.

“Our sales has hit the P80-billion mark for the first time while same store sales growth was strong despite intense competition,” Gokongwei-Pe said.

As of end-2014, Robinsons Retail operated 1,327 stores nationwide and expanded its gross floor area 18.6 percent year-on-year.

The company said it spent a total of P4.04 billion in capital expenditures last year.

“In 2014, we embarked on an aggressive store expansion plan, coupled with the acquisition of some complementary businesses. We will continue to be aggressive in opening stores in key locations around the country, bringing modern retail to the broadening middle class,” Gokongwei-Pe said.