Puregold Price Club Inc., the grocery chain owned by businessman Lucio Co, reported a 21.3-percent increase in net income for 2024 on the back of a double-digit growth in sales.
Net income reached P10.4 billion last year, up from P8.6 billion in 2023, driven by strong topline growth and improvement in gross margins for the S&R Warehouse Club business, the company said in a disclosure to the stock exchange Thursday.
Consolidated sales jumped 10.1 percent to P219.17 billion from P199 billion in 2023, boosted by positive same-store sales growth (SSSG) from Puregold stores and S&R Warehouse clubs
SSSG of Puregold stores rose 4.5 percent, while SSSG of S&R rose 6.4 percent, driven by higher traffic and basket size.
Cost of sales also rose 9.8 percent to P179,6 billion from P163.6 billion a year ago
“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,” Puregold president Ferdinand Vincent Co said.
“As we look to 2025, we are implementing an aggressive store expansion strategy, prioritizing key provincial markets. 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,” Co said.
Cost of sales rose 9.8 percent to P179.6 billion from P163.6 billion a year earlier.
Puregold’s board approved a total cash dividend of P5.21 billion, reflecting a 7.1-percent dividend yield as it reported strong 2024 financial results.
This includes a regular dividend of P1.09 per share (P3.13 billion), payable to shareholders of record as of April 30, 2025, and a special dividend of P0.72 per share (P2.08 billion), for shareholders of record as of Sept. 2, 2025.
Puregold opened 26 new Puregold stores, 4 S&R Membership Shopping Warehouse and 8 S&R New York Style QSR last year.
It ended 2024 with 602 stores nationwide, consisting of 511 Puregold stores, 29 S&R Membership Shopping Warehouses and 62 S&R New York Style QSRs.