Puregold 2016 profit up 10.5%

Puregold Price Club Inc. reported a consolidated net income of P5.53 billion last year, marking a 10.5-percent growth from year-ago level, on higher sales across its growing store network.

For every peso of goods sold by Puregold, the company earned 4.9 centavos in net profit last year.

“Our 2016 same store sales growth 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 build another 25 Puregold stores and two S&R Membership Warehouse,” Puregold president Vincent Co said in a disclosure to the Philippine Stock Exchange.

Same store sales growth excludes the impact of newly opened stores to allow a more accurate comparison from the previous year.

Puregold’s consolidated net sales rose 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.
Puregold is currently valued by the market at about P120.4 billion.