Puregold first half profit grows 20.1% to P3.4B on high consumer spending during ECQ

Supermarkets chain operator Puregold Price Club Inc. saw a double-digit increase in its bottom line in the first six months of the year on the back of consumers’ higher spending to stock supplies during the lockdown.

In a disclosure to the Philippine Stock Exchange, Puregold reported a consolidated net income of P3.4 billion, up 20.1% from P2.83 billion in the same period in 2019.

This, as Puregold stores registered stronger than expected same store sales growth (SSSG) of 9.2% in the January to June period while S&R registered a SSSG of 12% during the same period.

“Our SSSG in this period is driven by higher consumer spending and pantry loading prior to the COVID quarantine as well as the continued store operations even during ECQ (enhanced community quarantine) period,” Puregold said.

The company’s consolidated net sales increased by 15.1% to P81.96 billion.

The lion’s share or 76% of the revenues is attributed from the Puregold Stores network and 24% coming from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

As of end-June 2020, the company has a total of 444 stores nationwide. These include 385 Puregold stores, 20 S&R membership shopping warehouse, and 39 S&R New York Style QSR with a total net selling area of around 580,000 square meters.

Source:By TED CORDERO, GMA News

Source: Peso Economics