Puregold, Metro Retail earnings mixed in H1

MANILA, Philippines — Retailers Puregold Price Club and Metro Retail Stores Group reported mixed earnings results in the first half.

In separate disclosures to the Philippine Stock Exchange (PSE), Lucio Co’s Puregold reported a 25.6 percent jump in consolidated net income to P3.08 billion.

Consolidated net sales increased 13.2 percent to P64.03 billion with 79 percent of the revenues attributed from the Puregold Stores network and 21 percent from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

As of the  end of June, Puregold group had a total of 393 stores nationwide. These include 341 Puregold stores, 16 S&R membership shopping warehouse, and 36 S&R New York Style QSR.

The Gaisano family’s Metro Retail Stores Group, meanwhile, reported a 16.7 percent drop in first semester earnings to P344 million.  The company managed to post a  profit despite the fire that damaged a department store and supermarket in Ayala Center Cebu earlier this year.  Retail sales increased by 9.5 percent.

“The year may have started on a challenging note, but our retail sales performance remains strong and this has allowed us to move forward with greater stability and confidence,” said MRSGI chairman anad CEO Frank Gaisano.

“We started the re-building of our flagship store in Cebu, and we thank our loyal customers for their overwhelming patronage of our pop-up stores in the same mall. Rest assured that we are doing our best to accelerate the first phase of the store’s re-launch within the year, he added.