Robinsons Retail income down 25%
MANILA, Philippines — Robinsons Retail Holdings Inc., the listed retail arm of the Gokongwei Group, posted a net income of P2.9 billion last year, down 25.2 percent from 2019.
RRHI president and CEO Robina Gokongwei-Pe said 2020 was a year of difficulties for many businesses.
“COVID-19 might be considered a first in our lifetime, yet we remained resilient and focused on providing the best products and services to our customers. We remain steadfast in our commitment in 2021, confident that we can drive sustainable growth for all of our stakeholders,” Gokongwei-Pe said.
Net sales likewise slowed to P151 billion, down 7.3 percent from the P162.9 billion recorded in 2019. Sales included the two months’ results of Rose Pharmacy, a drug store chain in the Visayas, which was acquired in October 2020.
RRHI attributed the drop in net sales to the economic effects of the COVID-19 pandemic.
As part of efforts to cope with the negative impact of the pandemic, RRHI said it was increasing its e-commerce presence capitalizing on the shift in buyer preferences toward online marketplaces, which was made more pronounced by the pandemic.
At present, the company operates a number of e-commerce platforms. These include gorobinsons.ph, southstardrug.com.ph, and robinsonsappliances.com.ph.
GoRobinsons alone has onboarded six banners, namely, Robinsons Supermarket, The Marketplace, Shopwise, Toys ‘R’ Us, No Brand and Handyman Do-It-Best. It is set to add other formats in its site this year.
- Latest
- Trending
