Puregold registers 11% higher profit

MANILA, Philippines — Lucio Co-owned Puregold Price Club Inc. bucked the trend among other companies as it posted a 10.9 percent growth in its nine month net income to P5.05 billion.

Consolidated net sales increased by 10.1 percent to P121.14 billion, 75 percent of which came from the Puregold Stores network while 25 percent came from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

Income from operations grew by 11.8 percent to P8.5 billion.

Puregold stores registered same store sales growth (SSSG) of 4.5 percent during the nine-month period.

Co attributed the growth to robust consumer spending and pantry loading prior to the COVID-19 quarantine as well as the continued store operations even during the enhanced community quarantine period.

Moving forward, Co said prospects for the company are rosy.

“We are confident that our company will achieve another record year in terms of net profits for the full year 2020 despite the challenges brought about by COVID-19,” Co said.

As of end September, the Puregold group had a total of 455 stores nationwide. These include 393 Puregold stores, 20 S&R membership shopping warehouse, and 42 S&R New York Style QSR.