Puregold earnings up 16.8% to P1.76 billion in Q1
MANILA, Philippines — Puregold Price Club Inc. (PGOLD) reported a consolidated net income of P1.76 billion in the first quarter, up 16.8 percent.
Net sales grew 17.4 percent to P40.9 billion, 77 percent of which came from the Puregold Stores network while 23 percent is from S&R Membership warehouse clubs and S&R New York Style Pizza stores.
Income from operations grew 15.4 percent to P2.97 billion.
The company benefitted from higher consumer spending and pantry loading as consumers rushed to shop essential goods prior to the enhanced community quarantine.
Puregold stores registered stronger than expected same store sales growth (SSSG) of 14.4 percent. S&R registered SSSG of 5.1 percent.
Puregold group had a total of 443 stores nationwide as of the end of the first quarter. Of the total, 384 comprised Puregold stores, 20 S&R membership shopping warehouse and 39 S&R New York Style QSR.
Its store network has a total net selling area of around 580,000 square meters.
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