Business

Puregold H1 profit up 20% in virus lockdown

Lucio Co-led Puregold Price Club Inc. reported a 20.1% jump in its first half profit to P3.4 billion as coronavirus restrictions drove demand.

Lucio Co-led Puregold Price Club Inc. reported a 20.1% jump in its first half profit to P3.4 billion as coronavirus restrictions drove demand.

Puregold stores registered stronger than expected same store sales growth (SSSG) of 9.2% in the first half while S&R recorded SSSG of 12%, driven by higher consumer spending and pantry loading.

Consolidated net sales went up 15.1% to P81.96 billion, 76% of which came from Puregold and 24% from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

As of the end of June, Puregold group had a total of 444 stores nationwide — 385 Puregold, 20 S&R and 39 S&R New York Style QSR with a total net selling area of around 580,000 sqm.

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