Puregold posts P5.84-B net profit

Published April 16, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Puregold Price Club, Inc. reported a 5.7 percent improvement in consolidated net income to P5.84 billion in 2017 from the P5.53 billion earned in 2016 as consolidated net margins stood at 4.7 percent.

In a disclosure to the Philippine Stock Exchange, Puregold said it registered better than expected same store sales growth (SSSG) of 4.4 percent and 6.5 percent for S&R stores in 2017 which were driven by the strong consumer demand and the sustained economic growth of the country.

Puregold consolidated net sales increased by 10.6 percent to P124.5 billion in 2017 due to the continued strong consumer demand from its existing Puregold, S&R Membership warehouse clubs and S&R New York Style Pizza stores.

Income from operations grew to P8.65 billion in 2017, up by 6.9 percent compared to P8.1 billion in 2016.

As of end 2017, Puregold group has a total of 372 stores nationwide. These include 309 Puregold stores, 14 S&R membership shopping warehouse, and 32 S&R New York Style QSR, 9 NE Bodega Supermarkets and 8 Budgetlane Supermarkets.

“We will continue to expand our store network by opening 25 new Puregold stores and 2 new S&R warehouse in 2018,” the firm said.