Steady consumer spending drives Puregold’s earnings up to P5.8B
Puregold Price Club Inc. saw its net income increase by 5.7 percent to P5.84 billion on increased purchasing power.
Net sales went up 10.6 percent to P124.5 billion due to the continued strong consumer demand from Puregold, S&R Membership warehouse clubs and S&R New York Style Pizza stores.
Income from operations climbed 6.9 percent to P8.65 billion. Puregold registered same store sales growth of 4.4 percent while S&R posted 6.5 percent same store sales growth.
The group closed 2017 with a total of 372 stores nationwide — 309 Puregold stores, 14 S&R membership shopping warehouse, and 32 S&R New York Style QSR, 9 NE Bodega Supermarkets and 8 Budgetlane Supermarkets.
To sustain growth, the Lucio Co-led retail group will continue to expand its store network by opening 25 new Puregold stores and 2 new S&R stores this year.