MANILA, March 23 (PNA) — Robinsons Retail Holdings Inc. (RRHI) of retail tycoon John Gokongwei posted a 29.5-percent increase in profit in 2014 driven by strong sales which climbed to a record high of Php80 billion.
In a statement to the Philippine Stock Exchange, RRHI said its net income attributable to equity holders of the parent company reached Php3.56 billion last year from Php2.75 billion in 2013.
Consolidated net sales surged by 19.5 percent from Php67.25 billion to Php80.40 billion in 2014, resulting from the sales contribution of 415 stores and the strong same store sales growth (SSSG).
The company said store sales growth of Robinsons Supermarket, Robinsons Department Store, DIY and the Specialty Store’s and Robinsons Appliances boosted last year’s SSSG of RRHI.
“It has been a good year for Robinsons Retail for exceeding our like-for-like sales as well as expansion in gross floor area targets. Our sales has hit the Php80-billion mark for the first time while same store sales growth was strong despite intense competition,” said RRHI president and chief operating officer Robina Gokongwei-Pe.
Robinsons Retail operated a total of 1,327 stores as of 2014, up from the previous year’s 1,064 stores.
The company also expanded its total gross floor area by 18.6 percent in line with the target of growing its floor space by mid to high teens.
The company spent a total of Php4.04 billion in capital expenditures for the year ended 2014.
Gokongwei-Pe said the company embarked on an aggressive store expansion plan, coupled with the acquisition of some complementary businesses last year.
“We will continue to be aggressive in opening stores in key locations around the country, bringing modern retail to the broadening middle class with the Philippine economy seen to sustain its strong growth performance in the coming years,” she added. (PNA)