Robinsons Retail Grows E-Commerce Seven-Fold
Robinsons Retail Holdings said Thursday turned a profit in the first three months of 2021, while growing its e-commerce footprint seven-fold, as it sought to adapt to pandemic consumption habits.
Net income attributable to shareholders in the first quarter grew 2.4 percent percent to P945 million, Robinsons Retail, attributing the profit to austerity measures and efforts to improve front margins.
Operating expenses were cut by 6.8 percent, resulting to operating income of P1.2 billion. Earnings before income, taxes, depreciation and amortization was at P2.8 billion, Robinsons Retail said.
“We remain agile as we accelerate the growth of our e-commerce programs while ensuring that necessary cost controls are in place. We are rising to the challenges brought about by the pandemic. Amid the present volatility of the business environment, we are strengthening our strategies to constantly adapt to our customers’ needs and create shared value for our stakeholders,” said Robina Gokongwei-Pe, President & CEO of Robinsons Retail.
Consolidated net sales stood at P35.6 billion. Same store sales growth (SSSG) was down -16.1 percent, with the supermarket and drugstore segments coming off from high bases induced by panic buying last year.
Total e-commerce sales grew seven-fold, driven by GoRobinsons, the company's e-commerce website. GoRobinsons currently houses Robinsons Supermarket, The Marketplace, Shopwise, Handyman, True Value, Toys ‘R’ Us, and No Brand, with other banners scheduled for onboarding within the year.
Robinsons Retail is part of JG Summit Holdings, as is Summit Media Group, which publishes Esquire Philippines.
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This story originally appeared on Reportr.world. Minor edits have been made by Esquiremag.ph editors.