Dear Stakeholders

Resilience and agility were the key pillars of our strategies in 2024, enabling us to quickly adapt to the evolving consumer landscape.

In the first half of 2024, elevated inflation and interest rates weighed down on consumption, prompting households to prioritize essential and value-for-money products. As the year progressed, easing inflation and interest rates, coupled with rising wages, steady employment, and stable remittances, supported a rebound in household spending.

As we have learned in the past, challenges often bring opportunities, and this mindset allowed us to strengthen our value proposition. This year, we focused on bringing stores closer to consumers, expanding our private label, exclusive, and imported offerings, optimizing operations, and integrating sustainability across our value chain.

Our proactive approach led to a 3.7% rise in sales to ₱199.2 billion and a 12.8% increase in core earnings to ₱6.4 billion. Operating profit grew 8.9% to ₱9.7 billion, underpinned by improved sales mix, sustained vendor support, and cost optimization initiatives.

We continued to expand our footprint, ending 2024 with 2,453 stores and 2,115 TGP franchised stores. Our portfolio includes 761 food segment stores, 1,133 drugstores, 2,115 TGP franchised stores, 50 department stores, 227 DIY stores, and 282 specialty stores, spanning appliances & electronics, toys, mass merchandise, beauty, pet retail, and lifestyle sneakers. Our continued store expansion reinforces our commitment to serving the evolving needs of consumers.

Customer-centric Mindset

2024 marked another year of transformation and innovation for Robinsons Retail. Effective May 1, 2024, we consolidated our Supermarket and Convenience Store businesses into the Food Segment to drive operational and supply chain efficiencies.

On a separate note, we’ve launched Spatio last September 5, 2024 at Opus Mall in Bridgetowne Destination Estate. Spatio is a lifestyle concept store offering a curated mix of fashion, beauty, home, and lifestyle brands -- from established names to rising local designers. Designed as more than a store, Spatio blends retail with services like a barber shop, shoe cleaning, nail and lash studio, wine bar, and café—creating a full sensory experience. With its evolving assortment, exclusive collaborations, and community-driven events, Spatio is shaping a new standard in experiential retail, positioned for growth and strong brand equity within our portfolio.

Maximizing Ecosystem Plays

Our efforts to unlock value from our ecosystem plays continued to gain traction this year. Our 13.4% stake in GrowSari, a tech-enabled platform serving sari-sari stores, has strengthened our market presence and deepened our relationships with MSMEs. Through product sourcing collaborations, GrowSari sources majority of its FMCG requirements from Robinsons Supermarket. Notably, sales of Robinsons Supermarket to GrowSari sustained its strong upward trajectory throughout 2024.

Meanwhile, GoTyme’s customer base reached 5.3 million this year, surpassing the 5-million mark just two years after its launch. We hold a 19.0% stake in GoTyme, one of the six digital banks licensed by the Bangko Sentral ng Pilipinas. With over 400 GoTyme bank kiosks inside our stores, customers can quickly open an account and perform cash-in/cash-out for free. Furthermore, users can create or link their Go Rewards membership in GoTyme, allowing them to earn 3x Go Rewards points if they use GoTyme as their payment method in Robinsons Retail stores.

Meanwhile, GoTyme’s customer base reached 5.3 million this year, surpassing the 5-million mark just two years after its launch. We hold a 19.0% stake in GoTyme, one of the six digital banks licensed by the Bangko Sentral ng Pilipinas. With over 400 GoTyme bank kiosks inside our stores, customers can quickly open an account and perform cash-in/cash-out for free. Furthermore, users can create or link their Go Rewards membership in GoTyme, allowing them to earn 3x Go Rewards points if they use GoTyme as their payment method in Robinsons Retail stores.

We also continued to capitalize on synergies with the Bank of the Philippine Islands (BPI), where we hold a 6.5% stake. The partnership with BPI has provided our suppliers with greater access to financing, supporting their growth while strengthening our supply chain. Additionally, we successfully launched the Robinsons Cashback credit card in the second half of the year, further enhancing the value proposition we provide to our retail customers.

We also continued to capitalize on synergies with the Bank of the Philippine Islands (BPI), where we hold a 6.5% stake. The partnership with BPI has provided our suppliers with greater access to financing, supporting their growth while strengthening our supply chain. Additionally, we successfully launched the Robinsons Cashback credit card in the second half of the year, further enhancing the value proposition we provide to our retail customers.

A Responsible Retailer

Sustainability remains integral to our strategy. In 2023, we recalibrated our approach into three focus areas called the 3Rs of Sustainability—Responsible Retailing, Relationship with Our People and the Communities, and Robust Environmental Action. These pillars continue to guide our ongoing environmental, social, and corporate governance (ESG) initiatives.

In its first year of participation in the CDP (formerly Carbon Disclosure Project), Robinsons Retail was rated alongside over 24,800 organizations worldwide and received a C rating each for Climate Change, Forests, and Water Security. CDP scores companies from D- to A based on the depth of their environmental disclosure and action, with A representing best-practice leadership. The C rating reflects not only the Company’s initial progress in measuring and reporting its environmental impact, but also the implementation of our broader environmental programs. This marks an important step toward strengthening our strategies on climate action, forest conservation, and water management.

In April 2024, we completed the installation of a 382.8 peak kilowatt (kWp) solar panel system at our Head Office compound. This project has reduced our energy costs by an average of 21.22% and is estimated to generate annual electricity savings of approximately ₱2.7 million.

Moreover, the solar system is expected to prevent 166.9 tonnes of carbon dioxide emissions per year—the equivalent of planting around 7,600 trees.

We have also intensified our Food Rescue efforts, expanding coverage from 37 stores at the end of 2023 to 105 food segment stores in 2024. This year, we rescued over 109,000 kilograms of surplus food, providing more than 458,000 meals to food-insecure communities. The initiative saved over ₱2 million in disposal costs and prevented nearly 300,000 kilograms of carbon emissions that would have resulted had the food been sent to landfills.

Our sustainability approach continues to consider aspects of diversity and inclusion. Women continue to play a significant role in our organization, comprising 58% of top management and 70.5% of our total workforce. Our drugstore business has also expanded its inclusion programs by offering a wider range of affordable generic medicines, conducting various medical initiatives, and providing employment opportunities to over 20 Persons with Disabilities (PWDs). This year, we conducted 17 medical missions, delivering ₱7.9 million worth of goods and services to more than 26,000 individuals. In addition, 301 TGP stores provided free consultations on cardiovascular health, diabetes, and asthma management.

Robinsons Retail’s commitment to good corporate governance was once again recognized at the 2024 ASEAN Corporate Governance Scorecard Golden Arrow Awards, affirming our efforts to uphold transparency, accountability, and corporate citizenship.

Finally, our commitment to building strong stakeholder relationships was highlighted by our inclusion in the World’s Best Companies of 2024 by TIME and Statista. We are proud to be one of 13 Philippine companies recognized for excellence in employee satisfaction, revenue growth, and ESG performance—an achievement that reflects the dedication of our employees and the continued trust of our customers, partners, and stakeholders. We were also recognized in FinanceAsia Asia’s Best Companies 2025 as the best retail company in the Philippines.

Approaching 2025 with Guarded Optimism

The positive outlook on consumption in 2025 provides a strong foundation to build on the momentum we’ve built in 2024. This optimism is fueled by expectations of a sustained recovery in consumer spending, backed by easing inflationary pressures, more interest rate cuts, strong labor market, and seasonal boost from the upcoming mid-term elections.

However, we are not solely relying on the favorable economic environment to drive growth. For 2025, we plan to accelerate our store openings to 130-170 from 60 previously, further diversify our revenue streams, and broaden our private label, exclusive, and imported brands portfolio. Additionally, we will continue to optimize operations and enhance our supply chain and IT capabilities to remain agile against shifting operating conditions.

While we are encouraged by this positive outlook, we remain vigilant in assessing external factors that may influence customer and business dynamics. Nonetheless, we remain confident in our ability to navigate challenges and capitalize on emerging opportunities given our unique business model, culture of innovation, and strong commitment to sustainability.

Here’s to more Shop, Shop, and Away moments this year.