In 2019 Puregold posts ₱6.75-B net profit

Puregold Price Club, Inc. (PGOLD) reported a 16 percent growth in consolidated core net income to ₱6.75 billion last year from the ₱5.82 billion earned in 2018.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated net income increased by 9.2 percent to ₱6.77 billion last year from 2018’s ₱6.2 billion which included a one-time gain. Puregold stores registered stronger than expected same store sales growth (SSSG) of 4.6 percent in 2019 while S&R registered a SSSG of 8.3 percent.

“Our 2019 SSSG was driven by higher consumer spending fueled both by minimum wage inflation in 2018 and easing inflation in 2019,” Puregold said.

Puregold consolidated net sales increased by 9.5 percent to ₱154.49 billion in 2019 with 77 percent of the revenues coming from the Puregold Stores network and 23 percent attributed to S&R Membership warehouse clubs and S&R New York Style Pizza stores.

“The company plans to offer online grocery shopping to 100 Puregold stores from the current 40 stores in our Puregold Mobile App by end of 2020 as we expect changes in consumer shopping behavior due to the COVID-19 situation,” the firm said.

It added that, “Puregold will also continue its expansion program by opening 25 new Puregold stores and has opened 2 S&R membership shopping warehouse in 2020. This will provide our shoppers better convenience especially now that travel is limited due to quarantine.”