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Manila Bulletin devider Business devider The Stock Market devider Lucio Co's retail empire gains on robust Filipino spending

Lucio Co's retail empire gains on robust Filipino spending

Published May 8, 2026 10:24 am
Cosco Capital Inc., the retail holding company controlled by billionaire Lucio Co, reported a 22 percent increase in first-quarter profit as a recovery in consumer spending boosted sales across its grocery and liquor units.
The firm said in a disclosure to the Philippine Stock Exchange that net income rose to ₱4.47 billion in the three months of 2026 from ₱3.68 billion a year earlier.
Consolidated revenue climbed 11 percent to ₱63.1 billion, underpinned by gains in the firm’s core retail operations despite persistent macroeconomic headwinds.
“The Group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all its business segments which indicates the recovering consumer demand,” the company said.
The company’s grocery retail arm, which includes Puregold Price Club Inc. and the warehouse-style S&R Membership Shopping Club, remained the primary engine of growth.
The segment accounted for 72 percent of total net income during the period. Revenue for the grocery business rose 12 percent to ₱58.78 billion, while net income jumped 24 percent to ₱3.26 billion.
The liquor distribution business, operated through The Keepers Holdings Inc., contributed 18 percent of total profit. Net income for the unit rose 18 percent to ₱811 million as revenue increased 6.1 percent to ₱4.3 billion.
Growth was driven by a four percent rise in sales volume, led by the Alfonso brandy brand. The company noted that brandy sales have surpassed pre-pandemic levels, supported by a rebound in “on-premise” channels such as bars and restaurants, as well as a shift toward premium labels.
Cosco’s commercial real estate division also saw a significant lift, with net income rising 28 percent to ₱350 million. Rental revenue grew 22 percent to ₱612 million as the company moved back toward full contract rates and tenant operations normalized.
The specialty retail segment, represented by Office Warehouse Inc., saw a modest 2.2 percent increase in profit to ₱30.5 million on revenue of ₱565 million. In contrast, the energy and minerals business saw a decline, with revenue falling 34 percent to ₱97 million and net income dropping 13 percent to ₱50 million. (James A. Loyola)

Related Tags

Cosco Capital Inc. Lucio L. Co The Keepers Holdings Inc. Puregold Price Club Inc. Office Warehouse Inc.
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