MANILA, Philippines - Puregold Price Club Inc. of retail tycoon Lucio Co earned P2 billion in the first half of 2015, up 21.1 percent from P1.66 billion in the same period last year on the back of robust sales in its growing grocery chain.
In a statement, Puregold president Vincent Co said consolidated sales increased 12 percent to P43.14 billion on strong consumer demand from its existing 233 Puregold groceries, nine S&R Membership Club stores and six S&R New York Style Pizza outlets.
Puregold sales alone accounted for about 82.7 percent of total net sales for the first semester.
Co said Puregold targets a 12 to 15 percent increase in consolidated net sales for fiscal year 2015.
This target is expected to be driven by net sales growth from Puregold and S&R stores; positive same-store sales growth for Puregold and S&R, both at two-three percent; and opening of 25 new Puregold stores, one S&R and five S&R QSR.
The acquisition of NE Bodega and Budgetlane Supermarket chains, as well as the opening of new store formats Lawson Convenience Stores and Merkado Supermarket (Ayagold) are also contributing factors to growth.
The company said it anticipates to sustain its current Puregold consolidated gross and net profit margins and acquisitions and expansion into new geographic locations.
The company opened 10 new Puregold stores and four S&R New York Style Pizza and acquired nine NE Bodega supermarkets, with a total of 258 stores in 52 cities and 56 municipalities as of the first semester of the year.