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Friday, March 29, 2024

Puregold registers net profit of P5.84-billion

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Grocery chain operator Puregold Price Club, Inc. said net income in 2017 rose 5.7 percent to P5.84 billion from P5.53 billion in 2016 on double-digit growth in sales.

Puregold said in a disclosure to the stock exchange consolidated net sales increased 10.6 percent to P124.5 billion in 2017, slightly exceeding the target of between 8 percent and 10 percent.

Puregold attributed the increase in strong net sales growth to strong consumer demand from outlets, S&R membership warehouse clubs and S&R New York Style Pizza stores.

Same store sales rose 4.4 percent for Puregold outlets and 6.5 percent for S&R stores, driven by the strong consumer demand and the sustained economic growth of the country.

Consolidated net margins in 2017 stood at 4.7 percent, while income from operations reached P8.65 billion, up by 6.9 percent from P8.1 billion a year ago;

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Puregold ended 2017 with 372 stores nationwide. These include 309 Puregold stores, 14 S&R membership shopping warehouses, 32 S&R New York Style stores, nine NE Bodega Supermarkets and eight Budgetlane Supermarkets. 

Puregold acquired last year acquired five B&W stores in Roxas City, Capiz, a move that would bolster its presence in the western Visayas region.

It also obtained the approval of the Securities and Exchange Commission to merge with three grocery chains it recently acquired.

The three grocery chains, Daily Commodities, First Lane Super Traders and Goldtempo Company, operates a combined 17 stores in the provinces of Rizal, Bulacan and Aurora, and Cabanatuan City.

The supermarket operator plans to continue with store network expansion with the opening of 25 new Puregold stores and two new S&R warehouse outlets this year. It will also pursue acquisitions and expand into new geographic locations.

Puregold currently has over 1,500 suppliers and trade partners, and serves over 300,000 sari-sari stores and small businesses as well as over 1 million Puregold Perks members.

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