Puregold nets P6.6 billion in 9 months

MANILA, Philippines — Puregold Price Club Inc., the flagship retail chain of businessman Lucio Co, reported a consolidated net income of P6.6 billion in the nine months to September, edging up by two percent from the year-ago level.

In a statement, Puregold said consolidated revenues reached P139.3 billion, up by 9.2 percent compared to P127.6 billion a year ago.

For the nine-month period, topline growth was partially offset by compressed margins and higher operating expenses.

Puregold registered same-store sales growth of 4.8 percent from Puregold Stores and 4.1 percent from S&R Warehouse clubs, driven primarily by higher retail traffic.

The retailer said same-store sales growth continued to normalize since the second quarter, in contrast to the unusually stronger sales growth in the first quarter due to higher base effects.

For the rest of the year, Puregold sees a buoyant trajectory in topline growth.

As of end-September, Puregold opened 30 new Puregold stores, two S&R Membership Shopping Warehouse and two S&R New York Style quick-service restaurants. (QSRs).

The group had a total of 558 stores nationwide, including 481 Puregold stores, 24 S&R Membership Shopping Warehouses, and 53 S&R New York Style QSRs.

At present, the company operates through several retail formats and store brands.

The hypermarkets, through Puregold Price Club, offer a variety of food and non-food products and generally cater to both retail customers and resellers such as members of the company’s loyalty program.

Supermarkets, through Puregold Junior, serve as neighborhood stores which offer more food products.

Discounters, through Puregold Extra, operate in a small store format that offers a more limited number of goods.

S&R Membership Shopping adopts a warehouse club concept where most of the products offered are in club packs and most of the merchandise are imported brand names mostly sourced from the US.

Puregold also owns Entenso Equities Inc., the holding firm for two companies namely, Ayagold Retailers Inc. and San Roque Supermarkets.