Strong sales push Puregold income to P5.84B in 2017
Listed supermarket chain operator Puregold Price Club, Inc. (Puregold) said it has reported a consolidated net income of P5.84 billion in 2017, which is 5.7 percent higher than the P5.53 billion it booked in the same period in 2016.
This, as Puregold and S&R stores registered better than expected same store sales growth (SSSG) of 4.4 percent and 6.5 percent, respectively, in 2017, as per the company’s regulatory filing at the Philippine Stock Exchange today.
The increase in SSSG, according the company, was driven by the strong consumer demand and the sustained economic growth of the country.
During the period, Puregold’s consolidated net sales increased by 10.6 percet to P124.5 billion in 2017 due to the continued strong consumer demand from its existing Puregold, S&R Membership warehouse clubs and S&R New York Style Pizza stores.
Its income from Operations also grew to P8.65 billion in 2017, up by 6.9 percent compared to P8.1 billion during the same period last year.
As of end 2017, Puregold group has a total of 372 stores nationwide. These include 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.
“We will continue to expand our store network by opening 25 new Puregold stores and 2 new S&R warehouse in 2018,” Puregold said.