Puregold income rises in new normal

Retailer Puregold Price Club, Inc. has reported a 20 percent growth in consolidated net income to P3.4 billion in the first half of 2020 from the P2.83 billion earned in the same period in 2019.

In a disclosure to the Philippine Stock Exchange, Puregold said consolidated net sales increased by 15.1 percent to P81.96 billion in the first half of 2020.

It added that, 76 percent of the revenues are from the Puregold Stores network and 24 percent coming from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

Income from Operations grew to P5.71 billion in the first half of 2020, up by 19.2 percent compared to P4.79 billion during the same period last year.

Puregold stores registered stronger than expected same store sales growth (SSSG) of 9.2 percent in the first half of 2020 while S&R registered a SSSG of 12 percent during the same period.

“Our SSSG in this period is driven by higher consumer spending and pantry loading prior to the Covid Quarantine as well as the continued store operations even during ECQ (enhanced community quarantine) period,” the firm said. 

As of end June 2020, the Puregold group has a total of 444 stores nationwide. These include 385 Puregold stores, 20 S&R membership shopping warehouse, and 39 S&R New York Style QSR with a total net selling area of around 580,000 square meters.