In a disclosure to the Philippine Stock Exchange, the company said their supermarkets and drugstores were the main revenue growth drivers in the first 9 months of the year, accounting for almost 75 percent of Robinsons Retail’s revenues for the period.
The retailer also said their department stores delivered double-digit topline growth in the same period due as students and parents bought school supplies for the resumption of face-to-face classes. "The company was able to generate growth in net sales and core net earnings despite the impact of inflation on consumption and a challenging base last year which benefitted from economic reopening and election-related spending," Robinsons Retail said. The company noted, however, that net income attributable to equity holders of the parent company dropped by 41.4 percent.
The firm attributed the decline to equitized losses from minority start up investments which continue to ramp up, and the derecognition of Robinsons Bank’s net income under equitized earnings following the ongoing merger with the Bank of the Philippine Islands . Robinsons Retail Holdings' core net earnings rose by 10.6 percent year-on-year in the first half of 2023.