Puregold earned P4.4 billion in first half of 2023

Supermarket chain Puregold Price Club Inc. saw its first-half net income increase 4.8 percent to P4.4 billion from P4.2 billion in the same period last year on the back of a double-digit growth in sales.

Puregold said in a stock exchange filing Tuesday consolidated net sales in the first six months reached P91.2 billion, up 11 percent from P82.2 billion a year ago.

Cost of sales grew at a faster rate of 11.7 percent in the six-month period which compressed margins.

Group-wide same-store sales went up 7 percent year-on-year as foot traffic increased 6.7 percent and baskets barely grew 0.2 percent.

Puregold opened 16 new stores in the first half to boost its network to 543 branches nationwide as of end-June 2023.