Supermarket chain Puregold Price Club Inc. said it booked a net income of P3.65 billion in the first nine months, up by 14 percent from P3.2 billion registered in the same period last year, driven by continued store expansion and cost containment measures.
Puregold’s nine-month consolidated net sales also grew 17 percent in the nine-month period to P78.7 billion from P67.3 billion last year, on strong consumer demand for products and services sold at Puregold supermarkets, S&R stores, S&R New York Style Pizza stores and newly opened outlets.
The 17-percent growth in nine-month consolidated revenues was ahead of the company’s target of growing its top line by 12 percent to 15 percent this year.
Consolidated net margins in the first nine months reached 4.6 percent.
“Our nine-month same store sales growth of 6.6 percent for Puregold stores and 1.4 percent for S&R stores were driven by strong consumer demand even after the elections. We hope that this level of momentum in SSSG can be sustained for the remainder of the year,” said Puregold president Vincent Co.
Operating expenses also rose 13.6 percent to P9.91 billion, on manpower costs and rent expenses covering new lease contracts.
The Puregold group had a total of 317 stores nationwide as of end-September. These included 268 Puregold stores, 11 S&R membership shopping warehouses, 21 S&R New York Style QSR, 9 NE Bodega Supermarkets and 8 Budgetlane Supermarkets.
Puregold registered a net income of P1.3 billion in the third quarter, up by 15.1 percent from P1.19 billion posted in the third quarter of 2016.
Third-quarter consolidated revenues rose 14.4 percent to P27.6 billion from P24.2 billion a year ago.
Puregold earlier said it would open 25 more Puregold stores and two S&R Shopping Membership stores this year.
