Tycoon Lucio Co-led retailer Puregold Price Club Inc. grew its net profit in the first semester by 25.6 percent year-on-year to P3.08 billion, buoyed by higher consumer spending as the recent tax reform program boosted the disposable income of households.
Consolidated net sales increased by 11.1 percent year-on-year to P64.03 billion in the first six months, 79 percent of which was contributed by the Puregold stores network while 21 percent came from S&R Membership warehouse clubs and S&R New York Style Pizza stores.
Puregold stores also registered stronger-than-expected same store sales growth (SSSG) of 6.1 percent in the first six months while membership shopping arm S&R posted a 5.9-percent SSSG.
“The strong SSSG numbers were driven by higher consumer spending fueled by higher levels of take-home pay as a result of the tax reform law and the sustained economic growth of the country,” the disclosure said.
As of end-June, Puregold group operated a total of 393 stores nationwide. —DORIS DUMLAO-ABADILLA