Retailer Puregold Price Club, Inc. reported a 17 percent growth in consolidated net income to P3.99 billion in the first half of 2021 from the P3.4 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated net sales decreased by 7.1 percent to P76.18 billion in the first half of 2021.
Of this amount, 72 percent of the revenues is attributed from the Puregold Stores network and 28 percent came from S&R Membership warehouse clubs and S&R New York Style Pizza stores.
Consolidated income from operations grew 7.5 percent to P6.14 billion in the first quarter of 2021 from P5.71 billion during the same period last year due to strategic costs controls.
“Puregold’s innovative digitization approach through our Puregold Mobile app, Puregold Channel and our e-commerce website will enable us to connect seamlessly with our consumers during this COVID-19 pandemic and at the same time strengthens customer loyalty.” said Puregold President Vincent Co.
As of end June 2021, Puregold opened 15 new organic stores out of the planned 30 to 40 new Puregold stores. S&R also plans to open 2 new warehouse clubs in the second half of 2021.
Puregold group currently has a total of 484 stores nationwide. These include 418 Puregold stores, 20 S&R membership shopping warehouse, and 46 S&R New York Style QSR.