Puregold profits rise 18.9% to P8 B due to pandemic

Published March 24, 2021, 4:45 PM

by James A. Loyola

Puregold Price Club, Inc. (PGOLD) reported an 18.9 percent hike in unaudited consolidated net income to P8.05 billion last year from the P6.77 billion earned in 2019 as consumers stocked up on essentials during the pandemic.

In a disclosure to the Philippine Stock Exchange, the firm said its unaudited consolidated net sales increased by 9.2 percent to P168.63 billion in 2020. 

Of this amount, 73 percent is attributed to the Puregold Stores network while 27 percent came from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

Unaudited consolidated income from operations grew 17.3 percent to P13.4 billion in 2020 from P11.4 billion in the previous year.

Puregold stores registered same store sales growth (SSSG) of 2.4percent in 2020 while S&R registered a SSSG of 8.7 percent during the same period.

“Our company has achieved a record breaking year in 2020 despite lot of challenges due to Covid-19 pandemic.” said .

He added that, “We cannot achieve this without the support and commitment of our suppliers and employees on providing the best product and service to our customers.”

Co noted that, “We are committed to drive sustainable growth in 2021 thru continued store expansions and innovations in grocery retailing.” As of end December 2020, the Puregold group had a total of 469 stores nationwide. These included 403 Puregold stores, 20 S&R membership shopping warehouse, and 46 S&R New York Style QSR.