MANILA, Philippines - Puregold Price Club Inc., the country’s second biggest retailer, reported a more than three-fold jump in net earnings last year to P1.54 billion, boosted by strong sales and new store openings.
Financial statements filed with the Philippine Stock Exchange showed that the company chalked in sales of almost P39 billion, up 34 percent from P29.1 billion in 2010.
Earnings per share grew more than two-fold to P0.97 from P0.40.
Gross profit expanded 44.38 percent to P5.53 billion from P3.53 billion while operating income more than doubled to P2.21 billion.
Operating expenses likewise increased 31.23 percent to P4.37 billion.
Puregold’s net profit is expected to increase significantly with a plan to merge the Puregold chain of supermarkets with the high-end, membership-only S&R Price Club.
Puregold opened 38 new stores during the period under review, bringing its total branch network to 100 by the end of 2011.
Just last month, the company opened a branch in La Trinidad, Benguet and plans to open 24 more for the rest of the year.
Puregold aims to double the number of its stores by 2015 as it seizes new markets in the Visayas and Mindanao.
S&R, on the other hand, currently has six branches located in Bonifacio Global City, Alabang, Congressional Ave. in Quezon City, Aseana-Baclaran, Cebu and Pampanga.