Co's Puregold, Keepers boost H1 earnings
Published Jul 25, 2023 08:37 am
Puregold Price Club, Inc. and The Keepers Holdings Inc., subsidiaries of Lucio Co’s Cosco Capital, reported higher sales and profits for the first half of the year.
In a disclosure to the Philippine Stock Exchange, retailer Puregold said its consolidated net income in the first half improved by 4.8 percent to P4.4 billion in the first semester of 2023 from PP4.2 billion in the same period last year.
On the other hand, Keepers disclosed that net income rose 18 percent to P1.16 billion in the first semester this year from P980.75 million in the same period of 2022.
Puregold said it grew consolidated revenues by 11 percent to P91.2 billion in the first half of 2023 from P82.2 billion in the same period last year. For the period, double-digit topline growth was partially offset by compressed margins and higher operating expenses. In the first half, groupwide same store sales was up 7percent versus the same period last year as traffic was higher by 6.7 percent and baskets were flattish at 0.2 percent year on year. Broken down by banners, the enterprise experienced positive same store sales growth (SSSG) of 5.9 percent from Puregold Stores and 9.5percent from S&R Warehouse clubs for the same period. “SSSG trended towards more normalization starting in the second quarter as a contrast to the more flattering base effects felt in the first quarter of this year. The company continues to see a buoyant trajectory in topline growth for the balance of the year,” Puregold said. The company said it increased its business activities and is gearing up to increase its store counts. As of end-June 2023, PGOLD opened 16 new Puregold stores, 1 S&R Membership Shopping Warehouse and 1 S&R New York Style QSR. The group had a total of 543 stores nationwide. These include 467 Puregold stores, 23 S&R Membership Shopping Warehouses, and 52 S&R New York Style QSRs.
Meanwhile, Keepers, the largest imported liquor distribution in the Philippines, said earning rose due to the strong sales volume performance from imported brandy, wines and specialty beverages.
Keepers has recorded consolidated revenue amounting to P6.5 billion, a 19 percent growth versus P5.48 billion in the previous year on the back of a 10 percent growth in volume of cases sold for the period.
This was driven principally by Alfonso, the leading imported brandy in the market, which has already surpassed its pre-pandemic levels, premiumizing market and on-premise channel rebound.
Puregold said it grew consolidated revenues by 11 percent to P91.2 billion in the first half of 2023 from P82.2 billion in the same period last year. For the period, double-digit topline growth was partially offset by compressed margins and higher operating expenses. In the first half, groupwide same store sales was up 7percent versus the same period last year as traffic was higher by 6.7 percent and baskets were flattish at 0.2 percent year on year. Broken down by banners, the enterprise experienced positive same store sales growth (SSSG) of 5.9 percent from Puregold Stores and 9.5percent from S&R Warehouse clubs for the same period. “SSSG trended towards more normalization starting in the second quarter as a contrast to the more flattering base effects felt in the first quarter of this year. The company continues to see a buoyant trajectory in topline growth for the balance of the year,” Puregold said. The company said it increased its business activities and is gearing up to increase its store counts. As of end-June 2023, PGOLD opened 16 new Puregold stores, 1 S&R Membership Shopping Warehouse and 1 S&R New York Style QSR. The group had a total of 543 stores nationwide. These include 467 Puregold stores, 23 S&R Membership Shopping Warehouses, and 52 S&R New York Style QSRs.
Meanwhile, Keepers, the largest imported liquor distribution in the Philippines, said earning rose due to the strong sales volume performance from imported brandy, wines and specialty beverages.
Keepers has recorded consolidated revenue amounting to P6.5 billion, a 19 percent growth versus P5.48 billion in the previous year on the back of a 10 percent growth in volume of cases sold for the period.
This was driven principally by Alfonso, the leading imported brandy in the market, which has already surpassed its pre-pandemic levels, premiumizing market and on-premise channel rebound.