Robust store sales boost Puregold 9-mo profit to P 7.3B
Puregold Price Club Inc., the listed grocery retail chain led by tycoon Lucio Co, continued to enjoy a stronger bottom line on the back of sustained revenue momentum in the first nine months.
The company on Monday said its consolidated net income grew 5.6 percent to P7.3 billion from P6.9 billion in the same period last year.
This, as its consolidated revenues booked a 10.6-percent growth, climbing to P168 billion from the previous P152 billion.
The group said the robust top line figure was propelled by higher same-store sales growth in Puregold Stores and S&R Warehouse clubs, thanks to higher basket size and increased foot traffic.
Operating expenses in the first three quarters, meanwhile, jumped 16.5 percent to P23 billion from P19.7 billion.
It ended September with 772 stores across the country, of which the majority—or 673 —are Puregold stores.
The firm earlier said it would launch eight new branches before the year ends. New stores will open in Luzon, as well as in other provinces in the Visayas and Mindanao.
Opening more stores outside Luzon would further promote the growth of micro, small and medium sized enterprises (MSMEs), as Puregold’s customers are mostly “sari-sari“ store owners.
“Our vision is to have a Puregold branch within reach of every Filipino MSME and every Filipino family across the country. We want to make everyday products more accessible to them through best value pricing and greater presence,” Puregold president Ferdinand Vincent Co previously said in a statement.
