Puregold’s core profit rose by 18% in 2014
RETAILER Puregold Price Club Inc. posted an 18-percent growth in core net income last year to P4.52 billion, driven by a double-digit rise in net sales.
This figure excluded P134 million in interest income from corporate bonds that had boosted 2013 core earnings of P3.83 billion, based on the company’s disclosure to the Philippine Stock Exchange on Tuesday.
“I believe that 2015 will be another record year of profits for Puregold as we continue with our expansion strategies of opening 25 Puregold stores per year and two S&R stores per year for the next five years excluding acquisitions as well as the continued increasing consumption from our customers,” Puregold president Leonardo Dayao said.
The retailer reported a 16-percent growth net sales to P84.7 billion for the year 2014, citing strong consumer demand from its network of 233 Puregold stores; nine S&R Membership stores and six S&R New York Style Pizza stores.
Income from operations grew by 19 percent to P6.48 billion for the year.
Puregold ended the year with a cash position of around P6.76 billion while debt to equity ratio was contained at 57 percent.
The retailing arm of the Lucio Co group had a total of 248 stores with a net selling area of about 405,000 square meters at end-2014.