Puregold posts nearly 19% net income growth

LISTED grocery operator Puregold Price Club, Inc. reported an unaudited consolidated net income of P8.05 billion in 2020, which is an 18.9% increase from its 2019 net income of P6.77 billion.

“Our company has [achieved] a record breaking year in 2020 despite [a] lot of challenges due to COVID-19 (coronavirus disease 2019) pandemic,” Puregold Chairman Lucio L. Co said in a statement on Wednesday.

The company’s unaudited consolidated net sales also inched up to P168.63 billion in 2020, up by 9.2% from P154.49 billion seen in the previous year.

Puregold Stores network accounted for 73% of the company’s total revenues, while 27% were contributed by S&R Membership warehouse clubs and S&R New York Style Pizza stores. The company did not disclose specific figures.

The company’s unaudited consolidated income from operations grew by 17.3% to P13.4 billion from P11.4 billion in the same period last year.

Without disclosing figures, the company reported that Puregold Stores posted a same store sales growth (SSSG) of 2.4% in 2020, while S&R grocers recorded an SSSG of 8.7%.

Puregold has a total of 470 stores nationwide as of December 2020, including 403 Puregold stores, 20 S&R membership shopping grocers, and 46 S&R New York Style Pizza shops.

“We are committed to drive sustainable growth in 2021 [through] continued store expansions and innovations in grocery retailing.” Mr. Co said.

Shares of Puregold at the stock exchange went up by 1.13% or P0.45 on Wednesday to close at P40.45 per share. — Keren Concepcion G. Valmonte