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Robinsons Retail profit slumps 25 per cent

Robinsons Retail has reported a 25-per-cent profit drop to US$75.2 million (PHP3.83 billion) last year and $18.8 million in the fourth quarter.

However, net sales rose 22.8 per cent to $3.2 billion for the full year driven by same-store sales growth of 3.4 per cent. It was the first full year including the consolidation of Rustan Supercenters.

The company blamed the profit decline on the effect of the new accounting standard PFRS16 which resulted in a net impact of $6.2 million in the fourth quarter and $19.6 million for the full year. 

Core net income excluding the PFRS16 adjustment, rose by 9.5 per cent to $31.4 million in the fourth quarter and 2.1 per cent to $100.3 million for the full year. 

Net income post-PFRS16 was $78.7 million. 

“We have bolstered our strategic focus on data and digitalisation, with our investments in Data Analytics Ventures Inc and e-commerce platforms BeautyMNL and Growsari, Inc,” said RRHI president Robina Y Gokongwei-Pe.

“We remain optimistic because we approach technology as a means for our brands, loyalty programs, and marketing campaigns to become even more customer-centric and engaging to this new digital market.” 

Meanwhile, net sales for the fourth quarter went up by 14.4 per cent to $921 million, primarily driven by the company’s drugstore network, up 7.4 per cent, convenience stores up 5 per cent, department stores up 4.7 per cent and supermarkets at 4 per cent.

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