Puregold Price Club Inc. (PGOLD), the grocery retail business of billionaire Lucio Co, posted a 12.5 percent growth in consolidated net income to P4.95 billion for the first half of 2024 from P4.4 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its consolidated revenue improved eight percent to P98.5 billion in the first half of 2024 from P91.2 billion in the same period last year.
In the first half of 2024, the enterprise experienced positive same-store sales growth (SSSG) of 1.9 percent from Puregold Stores, driven by higher traffic, and 2.4 percent from S&R Warehouse clubs, driven by higher ticket sizes.
The company said it continues to see a buoyant trajectory in topline growth for the second half of 2024. Puregold’s topline growth was complemented by slight improvements in gross margins for both Puregold and S&R businesses.
As of the end of June 2024, PGOLD opened 12 new Puregold stores, two S&R Membership Shopping Warehouse, and one S&R New York Style QSR.
The group had a total of 581 stores nationwide. These include 498 Puregold stores, 28 S&R Membership Shopping Warehouses, and 55 S&R New York Style QSRs.