MANILA, Philippines — Grocery retail chain Puregold Price Club of billionaire Lucio Co grew profit in the first quarter by 3 percent to P2.5 billion, a slight increase as expansion costs rose.
In a disclosure on Wednesday, Puregold said revenues also went up by 6.7 percent to P47.3 billion.
Growth was partly offset by a decline in margins due to the “aggressive store expansion, and slight gross margin compression to remain competitive and grow market share,” the company said.
Last year, Puregold opened 37 new stores, four S&R Membership Shopping warehouses, and three S&R New York Style quick-service restaurants (QSRs).
READ: Puregold sustains profit growth
Puregold, which is under the Co family’s holding firm Cosco Capital Inc., ended 2023 with 568 stores. These are composed of 488 Puregold stores, 26 S&R warehouses, and 54 S&R New York Style QSRs.
READ: Cosco Capital’s 2023 profit up to P12.4B
Lucio Co, along with wife Susan, was among the newest additions to Forbes Magazine’s list of billionaires this year.
Co currently has a net worth of $1.2 billion, while Susan has $1.1 billion.
Cosco announced in March it would soon enter into the renewable energy space via its takeover of Catuiran Hydropower Corp. for P551.88 million.
Lucio will join tycoons Sabin Aboitiz of the Aboitiz Group and Manuel Pangilinan of MGen Renewable Energy Inc. in helping increase the share of renewables in the country’s energy mix.