Retailer Puregold Price Club Inc. reported a consolidated net income of P5.53 billion last year, marking a 10.5 percent growth from the previous year, on higher sales across its growing grocery store network.
Consolidated net margins for 2016 stood at 4.9 percent, Puregold disclosed to the Philippine Stock Exchange on Thursday.
“Our 2016 same store sales growth (SSSG) of 6.2 percent for Puregold stores and 4.4 percent for S&R stores were driven by continued strong consumer demand even after the elections. For 2017, we will continue to build another 25 new Puregold stores and two S&R Membership Warehouse to cater to the growing Filipino consumers,” Puregold president Vincent Co said.
Puregold’s consolidated net sales increased by 15.9 percent to P112.6 last year, attributed to the strong consumer demand from its existing Puregold, S&R stores and S&R New York Style Pizza stores as well as the 26 newly opened stores of Puregold and two S&R Membership warehouse.
Income from operations grew by 13.3 percent to P8.1 billion last year.
Puregold ended last year with a total of 329 stores nationwide. These included 277 Puregold stores, 12 S&R membership shopping warehouse, 23 S&R New York Style fast-food outlets, nine NE Bodega Supermarkets and eight Budgetlane Supermarkets.