Puregold income up 14% to P2.02 billion
MANILA, Philippines — Puregold Price Club Inc., the supermarket chain operator of Lucio Co, saw its first quarter net income grow by 14.06 percent to P2.02 billion.
This was despite a 7.9 percent decrease in consolidated net sales to P37.73 billion.
Bulk or 72 percent of the revenue came from the Puregold Stores network and 28 percent came from S&R Membership warehouse clubs and S&R New York Style Pizza stores.
As a result, consolidated income from operations rose 11.4 percent to P3.3 billion from P2.97 billion.
“Puregold is in a good position to serve the needs of its valued customers and help fuel recovery of the country’s economy by continuing the store network expansion and introducing new innovations in grocery retailing,” said Vincent Co, president of Puregold.
He said this was despite the increasing COVID-19 cases that the country is facing.
As of end March, Puregold group had a total of 479 stores nationwide. These include 413 Puregold stores, 20 S&R membership shopping warehouses, and 46 S&R New York Style QSR.
For Puregold alone, the company is targeting to have 450 stores by yearend.
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