Robinsons Retail Reports 25% Drop in Net Income

Robinsons Retail Holdings Inc. (RRHI) reports a 25.5% drop in net income “due to the economic effects of the pandemic.”

Net sales for the year fell by 7.3% to ₱151.0 billion.

Robina Gokongwei-Pe, Robinsons Retail president and chief executive officer, described 2020 as “a year of difficulties for many businesses.”

“[The coronavirus disease 2019] 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 added.

RRHI reported sales on their virtual sites increased by at least three times during the pandemic.

Source: BusinessWorld