Supermarket operators report mixed results in first half

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People shop at a Puregold grocery mart in Libertad, Pasay, Philippines August 23, 2013

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