Puregold 9-month net income up 2.1%

MANILA  -Tycoon Lucio Co’s supermarket company Puregold Price Club Inc. saw muted earnings growth during the first nine months of the year due to cost pressures, although its topline continued to expand due to the opening of new stores.

From January to September this year, Puregold said net income increased by 2.1 percent to P6.6 billion.

“For the period, topline growth was partially offset by compressed margins and higher operating expenses,” Puregold said in a stock exchange filing on Tuesday.

Total revenues grew 9.2 percent to P139.3 billion from last years’ P127.6 billion.

Same store sales, which removes the impact of new stores, expanded by 4.8 percent for its Puregold outlets and 4.1 percent for S&R Warehouse membership clubs.

Expansion

“[Same store sales growth] trends continued to normalize starting in the second quarter as a contrast to the more flattering base effects felt in the first quarter of this year,” the company said in the filing.

“The company continues to see a buoyant trajectory in topline growth for the balance of the year,” it added.

During the first nine months of the year, it opened 30 new Puregold stores, two S&R Membership Shopping Warehouse and 2 S&R New York Style quick service restaurants (QSR).

The group ended the period with a total of 558 stores nationwide. These include 481 Puregold stores, 24 S&R Membership Shopping Warehouses, and 53 S&R New York Style QSRs.