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Robinsons Retail Holdings Inc. of the Gokongwei Group said Friday its net income attributable to equity holders of the parent company grew 9.5 times in the first quarter of 2024 to P5.1 billion from P537 million in the same period last year.
Minus one-off items, RRHI’s first quarter net income reached P1.2 billion, still up by 8.5 percent from P1.09 billion in 2023. “We are optimistic that an acceleration in our topline is underway as we continue to open stores and see improved consumption trends aided by inflation reverting to the government’s target range,” said RRHI president and chief executive Robina Gokongwei-Pe.Gokongwei-Pe said, however, the company is also mindful of external headwinds to the business.
Blended same-store sales growth continued to normalize at 0.9 percent due to an unusually high base in the last two years.
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