Puregold profit up 19% in 2020

MANILA, Philippines — Lucio Co-owned listed supermarket operator Puregold Price Club Inc. grew its net income by 18.9 percent last year as consumers never stopped buying food and other essential goods despite last year’s lockdowns and quarantine restrictions.

Co said the company achieved record numbers despite the COVID-19 pandemic.

“We could not have achieved this without the support and commitment of our suppliers and employees in providing the best product and service to our customers,” said Co, chairman of Puregold.

Puregold reported unaudited consolidated net income of P8.05 billion last year, up 18.9 percent.

Moving forward, Co said the company is committed to drive sustainable growth in 2021 through continued store expansions and innovations in grocery retailing.

The supermarket chain raked in sales of P168.63 billion last year, up 9.2 percent.  Of the total,  73 percent came from Puregold stores network and 27 percent from S&R membership warehouse clubs and S&R New York Style Pizza stores.

Unaudited consolidated income from operations grew by 17.3 percent  to P13.4 billion.

Puregold stores registered same store sales growth (SSSG) of 2.4 percent in 2020 while S&R registered SSSG of 8.7 percent during the same period.

As of end-December last year, Puregold had a total of 469 stores nationwide. These include 403 Puregold stores, 20 S&R membership shopping warehouses, and 46 S&R New York Style QSR.