Robinsons Retail Holdings Inc., the retail arm of the Gokongwei Group, said its income in the first quarter came in flat at P1.02 million, as revenues plummeted due to the high base from the previous year.
Net sales fell 11 percent to P35.61 billion for the 3-month period, from the previous year’s P40.06 billion.
“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,” Robina Gokongwei-Pe, the company’s president and CEO, said.
Same-store sales growth (SSSG) fell 16.1 percent, with the supermarket and drugstore segments coming off from high bases induced by panic buying for essential goods, such as food and medicines in the same period last year, when the pandemic started.
The SSSG of these essential formats hit a record high of 42.1 percent and 34.7 percent, respectively, for March 2020.
Sales performance of discretionary formats in the first quarter was also weighed down by three months of varying levels of lockdowns versus only 15 days of lockdowns in 2020.
The company reduced operating expenses by 6.8 percent year-on-year, which was the main reason it was able to post an income despite the fall in revenues.
Rose Pharmacy, which was acquired in October 2020, contributed to the operating income in the first quarter, faster than targeted, due to the synergies with Southstar Drug.
Total e-commerce sales grew significantly by 7 times from the first quarter last year, with the most significant growth seen in GoRobinsons, the company’s own 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.
Drugstore and appliances segments also have their own e-commerce websites.
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