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Drugstore segment driving Robinsons Retail growth

(Ventures Cebu Photo)

Robinsons Retail Holdings, Inc. on Thursday, Nov. 4, 2021, reported a 34.6% jump in net income to P1.126 billion in the third quarter of 2021 compared to the yearago level as sales grew despite the community quarantine restrictions imposed against the coronavirus disease (COVID-19) pandemic.

Net income after tax and minority interests was around P1 billion, 38.7% higher than the P750 million in the same period of 2020.

In a statement, the Gokongwei-led company said its net sales for the quarter rose 8.3% to ₱37.48 billion compared to ₱34.61 billion in the same period last year.

The company said this was predominantly driven by the double-digit same store sales growth (SSSG) of the drugstore segment — composed of Rose Pharmacy, Inc. and Southstar Drug — and positive SSSG of the department store, convenience store and the appliance business.

Sales from e-commerce reached ₱1.8 billion, 3.5x the e-commerce sales in the third quarter of 2020. E-commerce sales accounted for 4.8% of the company's 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, however, were still dampened by the effects of the pandemic as sales from January to September 2021 still reflected a decline of 0.6% to ₱108.9 billion and operating income grew by -10.4% while EBITDA was -4%.

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 January to September 2020.

Robinsons Retail president and CEO Robina Gokongwei-Pe said they were optimistic that they can sustain the company's growth momentum as the economy further reopens and mobility increases.

"With more people getting vaccinated resulting in a drop in COVID-19 cases, quarantine restrictions are now relaxed. This further supports our view that we can sustain the growth momentum of the business into the succeeding quarters," she said.

"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,” she added. (Ventures Cebu)

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