Robinsons Retail Holdings Inc., the retail holding company of the Gokongwei group, said its net income in 2016 grew 11.6 percent to P4.85 billion from P4.34 billion in 2015 on aggressive store expansion and recent acquisitions.
RRHI in a disclosure to the stock exchange said 2016 consolidated revenues jumped 15.9 percent to P105.3 billion from P90.9 billion a year ago on strong same store sales growth (SSSG) and sales contribution from 72 newly opened stores in 2016.
The retail holding firm said SSSG across the company stood at a record 6.7 percent, exceeding its target of 3-5 percent for the year due to election-related spending.
The recent acquisitions made the company, including the purchase of Savers Appliances, The Generics Pharmacy, De Oro Pacific Home Plus and Chic Centre also help boost sales in 2016.
As of end 2016, RRHI operated a total of 1,578 stores and expanded its gross floor area of 7.3 percent to hit slightly over one million square meters of floor space.
This is on top of the the 1,912 stores with the acquisition of The Generics Pharmacy.
Operating income in 2016 amounted to P5.4 billion an increase of 16.1 percent from a year ago level.
"Robinsons Retail posted a record SSSG at 6.7 percent with all business segments exhibiting robust same store sales performance. Our acquisitions have provided opportunities to strengthen our current business segments," RRHI president and chief operating officer Robina Gokongwei-Pe said.
"The company's trajectory of further expansion into areas outside Metro Manila will continue to foster new growth in yet under penetrated areas, especially in Visayas and Mindanao."
For the fourth quarter alone, RRHI recorded ante income of P1.54 billion, up 12.7 percent while sales climbed 14.1 percent to P31.48 billion.
RRHI is one of the leading multi-format retail groups in the Philippine and enjoys market leading positions across all its business segments.
It currently operates 10 retail formats under six business segments, namely department stores, supermarkets, home improvement stores, convenience stores, drug stores and specialty stores.