Retailer Puregold Price Club, Inc. and imported liquor distributor The Keepers Holdings Inc., both listed firms controlled by tycoon Lucio Co, reported strong earnings growth in the first nine months of the year.

In a disclosure to the Philippine Stock Exchange, Puregold said it grew consolidated net income by 13 percent to P6.5 billion on the back of a continued rise in traffic and increased business activities.

Third-quarter net income alone rose 30 percent year on year, highlighting a dramatic recovery catalyzed by the easing of mobility restrictions and the return of business and consumer confidence after years of grappling with Covid-19.

Puregold consolidated net sales for the first nine months increased by 11 percent year on year to P127.6 billion. As mobility and confidence grew in the face of headwinds caused by inflation and commodity supply pressures, total traffic to all stores increased by 12 percent versus the same period last year.

The enterprise experienced positive same-store sales growth (SSSG) of 2.4 percent for Puregold Stores and 9.5 percent for S&R Warehouse Clubs.

The group opened 15 new Puregold stores in the first nine months of 2022.

Keepers reported a 49.7 percent jump in consolidated net income to P1.6 billion for the first nine months of 2022 resulting from the strong sales performance from all categories (imported wine, spirits and specialty beverages).

Consolidated revenues amounted to P8.95 billion, a 34.9 percent growth versus previous year on the back of a 26 percent growth in volume of cases sold to more than 3.3 million cases for the first nine months of 2022.

This was driven principally by the continued robust performance of Alfonso, the leading imported brandy in the market, which has already surpassed its pre pandemic levels, premiumizing market and on-premise channel rebound.

Sales performance from our other spirits, Wines as well as Specialty Beverages categories also registered remarkable growth contributing to the overall revenue growth during the same period which clearly indicates a recovering demand with the easing of community restrictions.