Puregold Price Club Inc. reported a 10.9 percent growth in consolidated net income to P5.05 billion in the first nine months of 2020 from the P4.55 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said “This was principally driven by the continuous organic expansion of the Group’s grocery retail outlets on the back of a sustained strong consumer demand.”
Puregold added that, “This has been augmented by combined management strategies and programs to boost revenue contributions from both the base stores as well as new stores.”
Consolidated net sales improved 10.1 percent to P121.14 billion during the period from P109.98 billion in the first nine months of 2019.
The full operation of new organic stores put up in 2019 boost the increase in consolidated net sales in addition to robust same store sales growth and revenue contributions from new organic stores established during the nine months of 2020.
Other operating income decreased by 0.4 percent from P2.31 billion in the nine months of 2019 to P2.3 billion million in the same period of 2020 as rent income declined due to considerations given to tenants affected by the pandemic (COVID-19). This was partially offset by the increase in concession income and membership income driven mainly by new stores opened during the period and full operation of new stores opened in 2019.