Puregold profit hits P2B as new stores boost sales

PUREGOLD Price Club, Inc. reported a 4.1% increase in its net income to P2.05 billion from last year’s P1.97 billion after booking higher sales boosted by newly opened stores and eased mobility restrictions.

“Sales had an uplift as mobility eased further in the second quarter. Total traffic to all stores increased by 10% versus the same period last year,” the company said in a press release on Tuesday.

During the second quarter, the company posted a 13.7% increase in net sales to P43.73 billion from the last year’s P38.45 billion.

In the first six months, the company registered a net income of P4.2 billion, a 5.3% jump from last year’s P3.99 billion.

“This was principally driven by the continuous organic expansion of the Group’s grocery retail outlets, strategic cost management and sustained strong consumer demand,” the company said in a disclosure to the stock exchange.

It also posted a 7.9% increase in net sales for the semester to P82.24 billion from P76.18 billion a year earlier.

“Net sales slightly grew due to sales contribution from full operation of 2021 new stores and revenue contribution from 2022 newly opened stores of both Puregold and S&R,” the company said.

The company added nine additional Puregold stores during the first half of the year, bringing the total number of Puregold group stores countrywide to 507 as of the end of June.

These stores include 438 Puregold stores, 22 S&R membership shopping warehouses, and 47 S&R New York Style quick service restaurants.

Puregold Price Club operates the group’s stores located all over the Philippines, maintains two online platforms — “Sally” and “PureGo” — and is affiliated with other online delivery platforms like Pickaroo, Metromart, Lazada, and Shopee.

On the stock exchange on Tuesday, shares in the company ended unchanged at P30.10 apiece. — Justine Irish D. Tabile