Puregold's core net income up 16% in 2019

PUREGOLD Price Club Inc. has reported a consolidated core net income of P6.75 billion in 2019 which represents a 16 percent growth from P5.82 billion in the same period in 2018.

Consolidated net margin for the period is at 4.4 percent. Puregold stores registered stronger than expected same store sales growth (SSSG) of 4.6 percent in 2019 while S&R registered a SSSG of 8.3 percent.

The firm’s 2019 SSSG was driven by higher consumer spending fueled both by minimum wage inflation in 2018 and easing inflation in 2019.

Puregold’s consolidated net sales increased by 9.5 percent to P154.49 billion in 2019. Seventy-seven percent of the revenues was attributed from the Puregold Stores network and 23 percent was from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

The company said it plans to offer online grocery shopping to 100 Puregold stores from the current 40 stores in their Puregold Mobile App by end of 2020 as it expects changes in consumer shopping behavior due to the Covid-19 situation.

Puregold will also continue its expansion program by opening 25 new Puregold stores and two S&R membership shopping warehouses in 2020 to provide shoppers with better convenience, especially that travel is limited due to quarantine.

As of 2019, Puregold group has a total of 436 stores nationwide. (PR)