Supermarket operators reported mixed results for the first half of 2018, while posting higher same store sales growth (SSSG) for the period.
In a statement issued Monday, Aug. 13, Puregold Price Club, Inc. (PGOLD) said its net income grew by 25.6% in the first six months of 2018 to P3.08 billion, followed by a 13.2% jump in consolidated net sales to P64.03 billion.
SSSG of Puregold stores stood at 6.1%, while S&R stores had an SSSG of 5.9%. The company said it benefited from higher consumer spending due to higher levels of take-home pay after the implementation of the Tax Reform for Acceleration and Inclusion law.
Meanwhile, Metro Retail Stores Group, Inc. (MRSGI) saw its net income drop by 17% to P254.2 million from P305.2 million in the second quarter of 2018, as revenues likewise dipped 5.8% to P8 billion.
This brought MRSGI’s net income 14% to P344 million in the first six months of the year, while revenues went down 8.8% to P14.9 billion. — Arra B. Francia