Robinsons Retail Core Earnings Surge 12.3 Percent to P6.3 Billion in 2024

Robinsons Retail Holdings, Inc. (RRHI) reported a 12.3 percent increase in core earnings to P6.3 billion in 2024. The company said this was driven by higher gross profits and enhanced operational efficiencies.

Meanwhile, the company's net income more than doubled to P10.3 billion, largely due to a one-time gain from merging Robinsons Bank with the Bank of the Philippine Islands.

Robinsons Retail Holdings, Inc. 2024 Performance

In the last quarter of the year, RRHI saw its net income and core earnings rise by 62.4 percent and 21.9 percent, respectively, reaching P2.5 billion and P2.3 billion. This was achieved through higher sales from existing stores and effective cost management.

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Retail Sales Drive Up Robinsons Retail's Earnings in First Three Months of 2024

For the entire year, RRHI's total revenue was P199.2 billion, a 3.7 percent increase versus the previous year, thanks to steady growth in its food and drugstore businesses and new store sales. In the fourth quarter alone, sales hit P56.8 billion, a 5.3 percent rise from the previous year, supported by solid growth in food and department store sales.

During the fourth quarter, the company’s gross profit went up 8.7 percent to P13.8 billion due to a better mix of products, more sales of imported and private label brands, and continued vendor support. Overall for 2024, gross profit was up 5.5 percent to P48.1 billion. Operating income grew even faster, by 9.1 percent for the full year and 20.9 percent in the fourth quarter, benefiting from cost-optimization efforts that helped offset the pick-up in expansion-related costs.

“Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions," said Stanley Co, president and CEO of RRHI. "Such an achievement is a testament to the resiliency of our core business and our ability to be agile to evolving market dynamics. Looking ahead in 2025, we remain steadfast in looking for more ways to grow the business, while continuing to integrate our sustainability agenda into our value chain.”

As of December 31, 2024, Robinsons Retail has 2,453 stores consisting of 761 food stores, 1,133 drugstores, 50 department stores, 227 DIY stores, and 282 specialty stores. It also has 2,115 franchised stores of TGP.

RRHI is a member of the Gokongwei Group, as is Summit Media, which publishes Esquire Philippines.