Robinsons Retail Holdings says net income down in H1 due to virus lockdowns


Posted at Jul 30 2020 03:43 PM

MANILA - Robinsons Retail Holdings Inc said Thursday its net income for the first half of 2020 declined due to the impact of the COVID-19 lockdowns to its various businesses. 

Net income attributable to equity holders of the parent company reached P1.6 billion in the first half, down 4.1 percent compared to the previous year, RRHI said in a disclosure to the stock exchange.

Second quarter net income reached P719.1 million, down 33.2 percent, it said. 

Consolidated net sales also posted a decline as sales were "impacted by temporary closure" of non-essential stores during the enhanced community quarantine, it said.

The island of Luzon was placed under lockdown in March to stem the spread of COVID-19 where most businesses where shut. Metro Manila remains under general community quarantine until July 31, Friday.

"Majority of the Company’s stores across all formats resumed operations only in May 16, 2020 following relaxed quarantine restrictions. However, operating hours have been shortened and foot traffic is down," RRHI said.

Blended same store sales growth was negative in both Q1 and Q2, it said. Supermarket and drugstore segments eased in the second quarter. 

At least 30 percent of convenience stores were closed during the ECQ due to lack of public transport and manpower, the company said as liquor sales also took a hit.

Robinsons Retail has 1,890 outlets including supermarkets, drugstores, department stores, DIY stores, convenience stores and specialty stores by the end of June 2020.