Robinsons Retail Holdings Inc. (RRHI) reported a 66.9 percent drop in net income for the first half of the year to P2.3 billion, mainly due to a one-time gain from the Bank of the Philippine Islands–Robinsons Bank merger booked in early 2024.

In a stock exchange report on Tuesday, the company said the decline came despite stronger revenues and improved operational efficiency. Core earnings, which exclude non-recurring items, rose 4.3 percent to P2.8 billion in the first half.

Net sales for the six-month period grew 5.1 percent year-on-year to P98.5 billion, supported by a 3.9 percent blended same-store sales growth (SSSG). 

Spending during the election season and back-to-school period, coupled with easing inflation, boosted both essential and discretionary sales. Key drivers included the food, drugstore, and department store formats.

Operating income in the first half rose 5.2 percent to P4.3 billion, driven by supplier support, better product mix, improved inventory management, and prudent cost controls.

“The sustained recovery in basket sizes, along with our continued focus on improving assortment, has enabled us to accelerate growth and exceed our full-year SSSG target in the second quarter,” RRHI President and CEO Stanley Co said. 

“We intend to build on this momentum by further expanding our store network and driving operational efficiencies in the coming months,” Co added.

As of the end of June, RRHI operated 2,471 stores, including 763 food stores, 1,145 drugstores, 51 department stores, 228 DIY stores, and 284 specialty stores. It also had 2,116 franchised outlets of TGP.