PUREGOLD Price Club, Inc. on Tuesday said it acquired five B&W stores in Roxas City, Capiz, as the listed grocery operator continues to broaden its footprint in the Visayas region.
In a disclosure to the stock exchange, Puregold said the acquisition would bring its total store network in the Visayas region to 17, six of which are in the Panay province and 11 in the Negros province.
“This will give Puregold a total of 307 Puregold stores nationwide. Puregold expects the purchase to bolster its store presence in the Western Visayas region,” the company owned by billionaire Lucio L. Co said.
Puregold earned P2.49 billion in the first six months of 2017, up 9.8% growth from the P2.27 billion in the same period in 2016. Consolidated net margins was flat at 4.4% in the six months through June.
Consolidated net sales went up by an annual 10.8% — a shade above the upper end of its 8-10% guidance for the full year — to P56.6 billion in the first semester from P51 billion, fuelled by the 26 Puregold stores and two S&R Membership warehouse that opened in 2016.
Same-store sales inched up 4% for Puregold stores and 10% for S&R stores, driven by robust consumer demand and the country’s strong economic growth momentum.
At end-June, the retailer was operating 345 stores comprising 288 Puregold stores, 12 S&R membership shopping warehouse, 28 S&R New York Style outlets, nine NE Bodega Supermarkets and eight Budgetlane Supermarkets.
Shares in Puregold slipped 0.10% to close at P47.95 each on Tuesday. — A.B. Francia
