Puregold profits rise despite lower revenues
Puregold Price Club, Inc. reported a 13.6 percent improvement in consolidated net income to P5.73 billion in the first nine months of 2021 from the P5.05 billion earned in the same period in 2020.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated net sales decreased by 4.9 percent to P115.24 billion in the first nine months of 2021.
It added that, 72 percent of the revenues came from the Puregold Stores network and 28 percent from the S&R Membership warehouse clubs and S&R New York Style Pizza stores.
“We continue to be optimistic that the Philippine economic recovery will improve going into the last quarter of 2021 as Covid-19 cases continue to decline, quarantine restrictions are relaxed, and mobility of Filipinos increases as more people get vaccinated,” said Puregold President Vincent Co.
He added that, “These factors would complement the company’s aggressive store network expansion, new channel development and marketing activities to cater to the resurgence of the sari-sari store customers during the pandemic, and Puregold Caravans to bring the Puregold’s store experience closer to end consumers.”
“We will also continue our investments in E-commerce, logistics network for last mile delivery processes and innovative marketing via Puregold Channel to improve awareness, enrollment and retention of our customers,” Co added.
He noted that, “All the factors above enable us to sustain our growth momentum going forward and allow our company to stay ahead of the challenges.”
As of end September 2021, Puregold opened 19 new organic stores out of the planned 30 new Puregold stores. S&R also opened 2 new warehouse clubs.
Puregold group currently has a total of 489 stores nationwide. These include 422 Puregold stores, 22 S&R membership shopping warehouse, and 45 S&R New York Style QSR.