PUREGOLD Price Club, Inc. saw a 13.6% growth in its consolidated net income to P5.73 billion in the January-to-September period, higher than the P5.05 billion logged a year ago even as its sales went down as it kept its costs low.
In a disclosure to the exchange on Wednesday, the company said its consolidated net sales went down by 4.9% to P115.24 billion in the first nine months.
Majority or 72% of the company’s revenues is attributed to its Puregold Stores network, while its S&R Membership warehouse clubs and S&R New York Pizza Style stores account for 28%.
Meanwhile, Puregold’s consolidated income from operations grew 6.7% to P9.06 billion from last year’s P8.5 billion on the back of better gross margins and “strategic cost controls.”
As of end-September, Puregold has launched 19 new organic stores out of its targeted 30 new stores. S&R also launched two new warehouse clubs.
The Puregold group currently has 489 stores across the country, comprising 422 Puregold stores, 45 S&R New York Style QSRs (quick service restaurants), and 22 S&R membership shopping warehouses.
The company said it plans to continue its investments in e-commerce, logistics network for its last-mile delivery process, as well as investments for its marketing strategies.
“We continue to be optimistic that the Philippine economic recovery will improve going into the last quarter of 2021 as COVID-19 (coronavirus disease 2019) cases continue to decline, quarantine restrictions are relaxed, and mobility of Filipinos increases as more people get vaccinated,” Puregold President Ferdinand Vincent P. Co said.
Puregold shares closed unchanged at P42.80 each on Wednesday. — Keren Concepcion G. Valmonte
