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Manila Bulletin devider Business devider The Stock Market devider Puregold ramping up provincial expansion after posting record earnings in 2024

Puregold ramping up provincial expansion after posting record earnings in 2024

Published Apr 10, 2025 03:59 am

Puregold Tacloban.jpg

After posting record earnings in 2024, Lucio Co-led grocery retail chain Puregold Price Club Inc. (PGOLD) is looking to further grow its businesses by ramping up expansion in the provinces this year.

“As we look to 2025, we are implementing an aggressive store expansion strategy, prioritizing key provincial markets,” said PGOLD President Ferdinand Vincent Co in a disclosure to the Philippine Stock Exchange.

He added that, “This strategic initiative is designed to drive continued growth, expand our market footprint, and enhance customer shopping satisfaction, convenience, and accessibility, ultimately positioning us for long-term value creation.”

PGOLD reported a 21.3-percent growth in consolidated net income to ₱10.4 billion last year from ₱8.6 billion in 2023, driven by strong topline growth and an improvement in gross margins for its S&R business.

The firm said its consolidated revenues improved 10.1 percent to ₱219.17 billion for 2024, from ₱199 billion in 2023.

For the full-year 2024, the enterprise experienced positive same-store sales growth of 4.5 percent from Puregold Stores and 6.4 percent from S&R Warehouse clubs, driven by higher traffic and basket size.

“Our company has delivered record-breaking earnings, demonstrating resilience and strong performance even in the face of challenging market conditions. This success is a direct result of the sustainable growth and proven profitability of our core business,” said Co.

As of end-December 2024, PGOLD opened 26 new Puregold stores, four S&R Membership Shopping Warehouses, and 8 S&R New York Style quick-service restaurants (QSRs). PGOLD operates a total of 602 stores nationwide, comprising 511 Puregold stores, 29 S&R Membership Shopping Warehouses, and 62 S&R New York Style QSRs.

Meanwhile, PGOLD’s board of directors has approved a 30-percent regular dividend payout, equivalent to ₱1.09 per share, which amounts to a total of ₱3.13 billion. This regular dividend will be distributed to shareholders of record as of April 30, 2025.

In addition to the regular dividend, its board has also approved a 20-percent special dividend payout, amounting to ₱0.72 per share, for a total of ₱2.08 billion. This special dividend will be distributed to shareholders of record as of Sept. 2, 2025.

Together, the total dividend payout—comprising both regular and special dividends—will amount to ₱5.21 billion, reflecting a dividend yield of 7.1 percent. These payouts will be sourced from PGOLD’s unrestricted retained earnings as of Dec. 31, 2024.

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Ferdinand Vincent Co Puregold Price Club
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