ROBINSONS Retail Holdings Inc. on Monday said its income grew by 127 percent in 2013, partly as a result of the consolidation of its drug store arm, while its store network in the country increased.
The company said in its disclosure to the Philippine Stock Exchange that its net income reached P3.05 billion from the previous year’s P1.34 billion.
“The surge in net earnings was largely due to the increase in sales from new stores, the full year consolidation of South Star Drug, which was acquired in July 2012, the resilient same store sales growth of 2.5 percent, as well as the expansion in gross margins and steady operating expenses,” the company said.
As of end of 2013, its store network reached 1,064 or an addition of 152 new stores from 912 stores in 2012.
Consolidated net sales rose by 17 percent to P67.25 billion last year from P57.39 billion in 2012.
The supermarket segment accounted for the largest share of the group’s consolidated net sales, contributing close to half of the total. The department stores segment was far second, contributing 17.7 percent, followed by do-it-yourself stores at 10.5-percent contribution, drug stores at 9.3 percent, specialty stores at 7.9 percent and convenience stores under the Ministop brand at 6.3 percent.
Gross profit grew at a faster rate at 30 percent to P14.31 billion in 2013 from P10.98 billion in 2012.
“[Robinsons Retail] has been able to get better supports and discounts from suppliers because of its increasing scale, as well as from the offering of more value-added services to its vendors,” the company said.
The company raised total net proceeds of P26.27 billion during its initial public offering (IPO) in November 2013, the country’s largest IPO to date.
From its proceeds, the company paid down P1.28 billion in borrowings and spent P450 million in capital expenditures.
Total capital expenditures in 2013 reached P2.79 billion, an increase of 46 percent from the previous year’s P1.91 billion.
In 2013 Robinsons Retail made two acquisitions, which include Beauty Skinnovations Retail Inc., which operates eight Shiseido stores and two Benefit stores, and Eurogrocer Corp., an operator of a chain of six supermarkets in Northern Luzon.
The company operates nine retail formats, including supermarket, department store, Ministop, South Star Drug, Handyman, True Value, Howards Storage World, Toys “R” Us, Daiso Japan, and a host of international fashion apparel brands such as Topshop, Topman and Dorothy Perkins, among others.
17 Mar 2014
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